Women are leading the way when it comes to purchasing their first home. Gone are medieval attitudes and practices that used to mean a woman couldn’t get a loan from a financial institution without a male co-signer. More and more, women are not waiting for “Mr. Right” and marriage before moving into their own home. There are more single women entering into the housing market, as income levels, changing demographics and lifestyle patterns shifts and purchasing habits. Women seem to be enjoying their independence and consider home ownership important to their lifestyle.
Becoming more educated and financially stable has given single women the confidence to procure a home. They research and read every single line of an application or contract before purchasing a home. Females understand that homeownership will bring them tax benefits. They realized that buying a home is an investment that will benefit them in the future. Purchasing a home gives them a sense of economic security and a place to live when they retire. Since women understand that a good home investment brings equity, many of them are investing into buying a home. Now real estate companies go out of their way to help single female homebuyers, especially since there is an abundance of women taking advantage of the low interest rates that are being offered to them.
Three reasons for single women looking to invest in property:
- Investment – wanting to own a home as part of the larger investment portfolio
- Independence – needs personal space
- Status – owning a home is a keystone of wealth
Single women are leaving no stone unturned in purchasing a home for themselves. Such a trend would seem the very image of women empowerment, a single woman buying a home of her own. This trend is largely visible as women choose to settle in metropolitan cities of Mumbai, Delhi, Bangalore, and Chennai. Increasingly, this trend is also visible in Tier II cities such as Chandigarh, Lucknow, Jaipur and Mysore.
In India, women home-buyers have the luxury of certain benefits and concessions. The reason behind such benefits is pretty apt as banks feel that women are less likely to default and would be more punctual with payments than men. Some leading banks offer home loan rate and there is also a discount on the processing fees if you belong to certain corporate companies. In few states, the stamp duty is almost 2% less for a woman home-buyer. Our Prime Minister Narender Modi’s mission of ‘Housing for All by 2022’ includes a clause where women must be the sole or co-owner of the home that is constructed under this mission.
Women are better savers which make them better able to cope with credit stress – saving for the deposit, paying the loan effectively, etc..the rise of single women ownerships have change the way developers think. Single women buyers want a great location, good price, a property that is in good condition. They are looking for a price that won’t stop them from enjoying their single lifestyle and are also looking for the possibility of remodeling their home.
It is likely that these trends will get further reinforced as the economy grows and develops. This calls for a more serious thought on how and why women need to invest and having a house of one’s own could be a very good idea!
This guest post has been written by Gunjan Johar, Real Estate Analyst & Home Decor Blogger