Our family dynamics, lifestyles and the property market aren’t the only trends that have shifted in the 21st century – property owners have, too!
Whether you’re a single woman wanting to get your foot on the property ladder, or part of a couple or family – property ownership, including investment properties, is achievable.
Read on to find out why women should consider investing in property, and how your Gold Coast Accountant can guide you to your financial goals.
Property ownership as a savvy, single woman
Within the last decade, there’s been a confident trend of single women purchasing property alone.
The Australian Bureau of Statistics show that 60% of Australian women own their own home (with a mortgage or debt-free), compared to 56% of their male counterparts. Single women are more likely to own their home than single men, despite the gender pay gap and expensive housing market.
- Women are more conservative with their money, and
- Women are often good budgeters.
What you need to know:
- Save for a deposit – A 20% deposit of the purchase price is ideal, but in some cases a 5% or 10% deposit is all that’s needed. However, be mindful of the hidden legal fees, tender costs, stamp duty and more. A plan and willingness to save and a written budget will do wonders.
- Income stability – Taking on a home loan by yourself means you alone are responsible for the loan repayments. So, your employment status/income stability is crucial.
Ask yourself if your current income is stable? Is your job long-term or at risk? Are you readily employable if you lose your job? Your Gold Coast Accountant can help you work through your property investment queries.
Property ownership as part of a couple
There are different things to think about when there’s two in property investment. There will probably be a gap in yours and your partner’s income levels.
- Savings and equity – Your deposit should be easier to reach as a couple. However, you should talk your trusted accountant on the Gold Coast to minimise the financial risks involved, should a relationship breakdown occur in the future.
- Handling the finances – Women shouldn’t take a backseat in relation to their finances, especially if you and your partner use joint accounts. Everybody should understand their finances and pay attention to where their money comes from and goes.
Thinking about your future
We don’t have a crystal ball, but we all know that the future isn’t set in stone.
Here’s some things to discuss with your Gold Coast Accountant:
- Is there a possibility of children in your future?
- How much will having children cost? (Hint: they’re not cheap!)
- What happens if/when a serious relationship blossoms (for single women) or ends (for a couple sharing a property)?
Property investment is a long-term commitment. While we all have the potential to own property, it’s women who are really making real estate waves.
Whether on your own or part of a couple, there’s some important financial questions to ask your Accountant.
Interested in property investment? Contact Crest Accountants today to see how we can help you achieve your financial goals in 2020.