North Bay Woman

30 NORTH BAY WOMAN | S P R I N G 2 0 1 4 4 Essential home-buying tips for single women Jennifer Falla Firkins from Falla Associates Coldwell Banker is showing a house with appeal to a prospective buyer, Leslye Yamile Davila. By Paula Wrenn Photos by Stuart Lirette 1 Be Creditworthy Home purchasing advice is mostly the same for anyone, but certain considerations take on greater significant for single women. For example, realtors and loan brokers tell ev- ery buyer that being prequalified by a lender is essential in Marin's competitive seller's market. Still, though progress has been made, even high-powered professional women earn on average 77% of what their male counter- parts earn. Therefore, it can require special effort for single women to gather resources for a home purchase. Jill Friedlander, Senior Loan Agent at Provident Bank Mortgage explains it would be discriminatory to offer women-specific loan programs. She says the key is to start the process of preparing to make a home pur- chase long before looking at the first house. Reviewing outstanding debt and credit with a loan agent is a first step. Three established credit lines with balances as low as possible and a record of timely payments are essential. "Don't buy a new car without contacting your loan agent first. The monthly payment will be added to your debt and could exceed the desired debt to loan ratio," she says. Likewise, quitting your job to start your own business; lenders require two years tax returns from your business to verify adequate income. The reverse career move is okay because proof of one month's income from a new employer is all that is required. 2 Avoid "fixer-downers" Quaint charm can quickly fade if work required to update the home is overwhelm- ing or maintenance is extensive and costly. Alva Falla of Falla Associates, Coldwell Banker San Rafael has sold hundreds of homes to single women, and points out newer homes also tend to have lower initial repair and maintenance costs. "Women who have been married and are used to single-family home ownership and pets, they want a secure garage, but may appreciate less maintenance of a townhome," she says. "The common grounds and building exteriors of condo- miniums are maintained by the homeowners association (HOA)". Falla encourages buyers to make offers with a level of practicality and patience because it is easy to become emotional and experience disappointment. If they are in the market for a home of $500,000 or less, they will be one of 5 or 6 offers. Because realtors sometimes price homes below market value to create bidding competition and get the best price for the seller, buyers who become educated regarding home values are more likely to offer what they can afford and not feel later that they overpaid, according to Falla. Then again, some buyers are willing to pay a little more for the perfect house if they plan to live there long-term. 3 Look at hidden costs Buyers need to be aware of potential costs that can arise in home ownership. According to Robert Bradley, President and CEO of Bradley Real Estate, Marin's charming older homes can have major issues. Deterio- rating foundations blow budgets and electri- cal wiring that cannot withstand the demands of modern households will blow circuits.

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