It’s a man’s world – at least that’s what society has always told us. Perhaps that was historically accurate at one point, but in modern society, we’re seeing the rise of “womenomics.” Womenomics is a term that has recently been coined to describe a “shift in financial power” from men to women.
Womenomics is a rising global trend. For instance, women are now more likely to earn degrees than men, for the first time in history. In Britain, 1 in 5 major businesses are owned by women. Major organizations including Goldman Sachs now offer initiatives to help fund female entrepreneurs in developing nations.
While the gender pay gap is real, experts predict that $12 trillion could be added to the global GDP by advancing women’s equality over the next decade. Although there’s still much work to do, we are also surrounded by reminders of how far we’ve come in a short time. In the United States, for instance, nearly 20% of all homebuyers are single women. More single women are purchasing homes than single men. This is a sharp contrast to just a few decades ago, when women couldn’t purchase a home without a male co-signer.
By purchasing your first home as a single, independent woman, you’re making a bold and powerful statement to yourself – and to the world. You’re reaffirming that your wildest dreams are possible.
Of course, you should take a few things into consideration before embarking on any major life decision – and homebuying is no exception.
First and foremost, can you afford a new home on your own? Consider your monthly mortgage payment, taxes, home repairs and maintenance, homeowners association fees, insurance costs, and “nest egg” money that you set aside for emergencies. Be sure you’re able to afford all of these costs each month on your own salary, without depending on roommates, family or a significant other to help pay the bills.
If you are a newly-single woman who is purchasing a home after going through a divorce or breakup, you may have additional considerations. For instance, you’ll want to determine how to best handle any mutually-owned property that you might have shared with your former spouse or partner.
Once you’ve found and purchased your dream property, you’ll want to take note of some ways to make your big moving day go as smoothly and stress-free as possible. One thing you might consider is hiring a moving crew. Professional movers are often worth it, especially if you are recently divorced, separated, or newly single. Not only does a moving crew provide you with some extra muscle for lifting furniture and other heavy objects; they also provide a buffer between yourself and your ex, sparing you any awkward situations on moving day.
Although there are lots of considerations leading up to your decision to purchase a home as a single woman, this can be one of the biggest steps you’ll ever take towards financial independence. The tasks above might require a little extra forethought, time, and money, but they’ll prove well worth it on moving day. Good luck in this new chapter of your life!