Financial Independence Is Key for Women. 4 Tips for Buying a Home on Your Own

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The number of women buying houses on our own is on the rise. Learn how to make yourself a stronger home buyer. 

American women are at a distinct disadvantage when it comes to our finances — yes, even in the year 2024. We earn less than men — in 2022, the Pew Research Center found that the average woman still earned just $0.82 for every $1 earned by a man. And we didn’t even have legal protection from banking and other financial discrimination on the basis of sex until the Equal Credit Opportunity Act became law in 1974.

Despite this, women are proving our mettle, and as found by the National Association of Realtors, single women were the second-largest category of home buyers in 2023. I cheered when I read this statistic, because I am gearing up to buy a house of my own (and on my own) this year. If you’re hoping to do the same, here are a few ways to lean into your financial independence and become a homeowner.

1. Get your credit score in good shape

When you’re buying on your own, your success in getting approved for a mortgage loan (and at a decent interest rate) is entirely dependent on your finances and credit profile. So lay the groundwork by ensuring your credit score and financial bona fides are in the best shape possible.

You may have access to your FICO® Score (the one used by 90% of lenders) via a credit card issuer or your bank. The generally-accepted minimum credit score to buy a home with a conventional loan is 620, but government-backed mortgage options have looser requirements. For example, you can buy with an FHA loan and just 3.5% down if you’ve got a credit score of at least 580.

Hit up AnnualCreditReport.com to get free copies of your credit report. Scan through them for errors, like delinquent accounts that were never yours. You can dispute errors with the credit bureau and have them removed, improving your credit score. It’s also worth making a renewed commitment to make on-time payments to your creditors in the months leading up to applying for a mortgage loan, as payment history is the biggest piece (35%) of the FICO® Score pie.

2. Save as much as you can

Buying alone means you’ll be funding the operation yourself. So it’s worth aiming to save as much money ahead of time as you possibly can. Remember, not only do you have to worry about making a down payment and paying closing costs to your mortgage lender, but you’ll also incur other costs when becoming a homeowner. You’ll have to pay to move, you might want to make some initial upgrades to the house you’re buying, and you may even want to paint or buy new furnishings to help make your house a home.

And leaving yourself broke in the process of buying a home is a terrible idea, because repairs and emergencies you might’ve outsourced to a landlord before will now be your responsibility. Keep your house money and emergency fund in a high-yield savings account to earn more money in the form of interest.

3. Find your home-buying team

A good real estate agent is important under many house-buying circumstances, but if you’re going it alone, having a best friend and ally in the process is absolutely crucial. Don’t be afraid to interview a few agents to find the right fit for you, and be sure to ask the right questions.

You’ll need a good mortgage lender too, and again, the best way to find the right one (and the best mortgage rate) is to apply with several and see what you’re offered. You’ll also need to choose between an online or a local lender; each comes with advantages and disadvantages. Getting that pre-approval letter is important. Sellers are likely to view you as a more serious buyer, since your finances will have already been vetted.

4. Accept help as needed

There’s such a thing as being too independent, and speaking from sad experience, it can be really detrimental to your well-being. Humans are community creatures, and even if you’re a woman determined to buy a house of your own all by yourself, you should still lean on others when it makes sense to do so.

If you have a friend who is more experienced with home buying than you are, and they offer to come with you to visit open houses or attend private showings and give you a third-party perspective, accept the help. Know a real estate agent who doesn’t live in your direct area, but is still willing to offer you general pointers? Take them up on it.

And don’t forget that going from renting to owning a house is also a big change and you may need to accept help after you buy. To use myself as an example, I haven’t had to maintain a lawn or landscaping as a renter. When I get my new home, I’ll be hiring a lawn service to handle those tasks for me, as I have no interest in doing them and would rather pay someone else. If you can swing the cost of outsourcing a home maintenance task that doesn’t appeal to you, it’s worth doing so.

If you intend to buy a house as a solo woman, good on you — striking a blow for financial independence and securing a home for yourself in the process is extremely cool. Lean on the tips above to help ensure the process is as smooth and successful as possible.

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