You’ve finally reached a point where you’re ready to buy a home. You’ve been dreaming about this moment for years and can’t wait to start house hunting for the perfect place to call your own.
But before you take off on your search, I dare you to rethink the entire process. If you’re a woman reading the article, please heed this advice–for my women of color (WOC), this advice is even more crucial because when it comes to the wealth and income gap, we have even more ground to cover.
So let’s flip the idea of your first property: instead of immediately looking for your “forever home,” look at your first property as an investment opportunity.
I know this isn’t something you hear a realtor say, but I’m not your average realtor. As a Real Estate Coach and Growth Strategist, my goal here is to help as many women as possible build wealth in the long term. And that means I’m encouraging you to take a more strategic approach when buying your first property.
Here are my 3 top tips for Aspiring Female Homebuyers
Think About Your Lifestyle Goals
As an aspiring female homeowner, it is essential to take the time to define your long-term lifestyle and goals before starting the search for a property.
It’s time to get strategic, ladies.
When done strategically, homeownership can be leveraged into future business opportunities. Inside my Wealthy Women Makers Community, I shared how to unlock profits using a mid-term rental strategy–many of my first-time homebuyers have since purchased second properties and used their first as a rental.
Still not convinced?
Many people don’t realize that by leveraging your first property as an investment, you can set yourself up for long-term financial success and close the wealth/wage gap by leveraging rental income to fund retirement accounts or provide stability during career pivots.
Buy The Ugly House!
It’s cliche but true: sometimes, the ugliest house on the market is the best investment. This means buying a fixer-upper if that property is in the right location (up and coming) location.
The worst mistake you could make is buying a turnkey property that may not appreciate over time.
My first property was a multi-unit fixer-upper that literally SAVED MY LIFE when I was a young mother. I rented one of the units, which kept my mortgage payments ridiculously low, and used the rental income for my mortgage while caring for my babies!
Not to mention that the improvements I made to the property gave me the equity I needed to purchase additional investment properties. I used the same strategy I shared with my private and community clients.
Set Your Budget & Timeline
Remember, when it comes to budgeting, you must be honest with yourself. Setting your budget at your comfort level is essential, not necessarily the amount you are approved for.
This is because the more money you keep, the easier it will be to make improvements and save for future investments.
Timeline
And when it comes to timeframes, don’t forget about leveraging the 12-week year concept. This is one of my favorite strategies because it helps you to break your long-term goals into short, achievable tasks.
My clients have successfully broken down their house hunt into smaller, more attainable goals. I recommend you speak with your real estate coach and break down the process into 12-week chunks. I taught a masterclass on how to achieve your goals in record time. The masterclass replay can be found inside the community.
There you have it, my top reasons female homebuyers should rethink their approach to homeownership.
Remember, regarding wealth and income gaps; real estate is the GREAT EQUALIZER. So be strategic and have the end in mind.
I hope you found this advice helpful and encouraging. If you’re ready to start your home-buying journey, I encourage you to download The Ultimate Her First Property Checklist.
