According to a report by the US National Realtors Association, cited in the Globe and Mail, 20% of homebuyers in North America are single women. Traditionally, women had waited until after getting married to get involved with homeownership, but as the numbers suggest, that trend has changed significantly.
Evidence is proven in my own market place here in Kitchener Waterloo, where I am working more and more with single ladies looking to buy not only a home, but also investigating the process for investing.
25 years ago, it never would have dawned on me, as a single woman, to buy a home. I was quite happy to spend my money on rent, waiting for my “prince charming” to come along and save me, providing me with a home and a family. Those were different times, and I wish I would have known better!
The article also cited “Single women aren’t merely wading into the market with a studio condo, either. They are buying investment properties and houses that need renovation.”
7 years ago I found myself, once again, being a single woman. I was freshly divorced with a little bit of “seed money” and wanted to put it some place safe. As a Realtor, I knew real estate and that is where I wanted to invest. I bought my first investment property and learned the exciting process of becoming a landlord!
At the same time, I also bought a little fixer-upper for myself and my three children. I renovated it over the course of 8 months, and sold it for a small, but tidy profit. I reinvested the equity from the first, and the profit from the fixer-upper into two more properties.
Having taken this giant leap, I have given myself financial security, personal independence and a retirement fund to look forward to. I actually have been able to make my money work hard for me, and I am looking forward to expanding my portfolio!
Although women are still a minority in the real estate investing game, they are beginning to grow in numbers. As a woman in real estate, this is a trend that I am happy to see!