In Part 1 of this series of articles I discussed female home
buying trends in the US and things women commonly consider when
making an important real estate purchase. In Part 2, I would
like to continue this discussion from an investment, relocation
and selling perspective. Women are now beginning to invest in
real estate to improve their portfolios. The purchase of a
second home, rental property or rehab project are all ways to
build an investment history. In recent years the stock market
has been unpredictable while real estate has continued to
appreciate. Even though the real estate market does not grow as
fast it is more stable over the long term, this appeals to many
female investors. Female homebuyers and sellers have begun to
recognize that a home can be the cornerstone of a personal
financial strategy to build wealth and security.
It’s Tool Time Ladies!
Stop in to any Lowe’s or Home Depot and you are sure to find all
types of women. Tools, light fixtures, rakes, paint; you name it
and women are buying it. One of the biggest responsibilities for
a homeowner or investor when rehabbing, renovating or upgrading
is home maintenance. A 2003 Forrester Research study revealed
that almost half of all purchases made at Lowe’s and Home Depot
are made by women. Trends suggest women are not afraid to make a
home maintenance commitment in order to have a higher return on
their investments. In 2004 Sears did a study that reported
sixty-nine percent of female homeowners considered themselves
somewhat handy with home maintenance projects and seventy
percent said they enjoyed doing home repairs. A home is a large
asset and women are not afraid to maintain and increase the
value of this asset. Currently, women can purchase a variety of
home repair and renovations books and videos created and
tailored just for them.
Climbing The Ladder and Relocation
Across the country in cities everywhere women are accepting
executive level, professional jobs. Many women are dedicated to
the advancement of their careers and to do so they move in order
to accept higher level positions. It is situations like this
that inspire a female homebuyer to become investment savvy.
Knowledge, strategy, clearly defined goals and trusted real
estate professionals are the key to success. Purchasing a home
in an area you know will be in demand in the future,
realistically assessing the necessary repair work and careful
planning will help you make money rather than lose. Remember,
the three main reasons a property does not sell are location,
price and condition. Consider the weaknesses and strengths of a
property and make an educated decision.
Retirement and Downsizing
A series by Jean Chatzky, an editor for Money Magazine, called
“Today’s Money For Women” was featured on the Today Show in
2004. She began her series with this quote, “You’ve probably
heard that thanks to divorce and the fact that women outlive
men, ninety percent of women will be solely responsible for
their finances at some point in their lives.” Many women after
retirement find themselves living alone for the first time and
often they are still living in a home made for a family. As time
goes by the cost, physically and financially, of maintenance and
upkeep are taxing and it is time to downsize into a home better
suited to your needs. Choosing a real estate professional that
listens and is attentive to your individual situation is
essential, as well as having support from friends and colleagues.
Tips For Female Sellers
All sellers should keep some important tips in mind. First,
watch your neighborhood and keep track of what sells and the
price. Second, be certain to make all of the necessary repairs
or upgrades. Consider having a pre-inspection and always
complete a termite moisture check. Third, choose your upgrades
wisely. Think from the buyer’s perspective. Fourth, be certain
you have enough money to cover the closing costs when the sale
is final. Don’t complete the sale owing money. To read more
articles on topics related to selling homes please visit
VoncannonRealEstate.com and peruse articles like “Bring It To
The Bank: Renovations and Upgrades”, “Increase Your Buying Power
With Capital Gains Reinvestment”, and “The Seller’s Guide To The
Buyer’s Eye”.