With a chequebook firmly in one hand and a hammer confidently in the other, single female homebuyers of all ages continue to knock down barriers by purchasing real estate and tackling home repairs.
Currently, 30 percent of single, never-before married women own their own home, while 45 percent of divorced or separated women and 64 percent of widowed women are homeowners, according to the Royal LePage Female Buyers Report.
When current female homeowners and renters who intend to purchase in the next three years were asked, “When searching for your home, which type of home would you be looking for?” 25 percent said that they are looking for a “fixer-upper” and plan to do the work themselves, while only nine percent will hire a contractor.
“The notable upswing in real estate activity among females is not surprising given that women are earning higher salaries than ever before,” said Lisa da Rocha, vice president, marketing, Royal LePage Real Estate Services.
“Single women now play a significant role in the housing market. Eager to experience the pride of ownership and exercise their independence, we are seeing growing numbers of women buying their first home on their own, trading-up homes as they progress professionally and taking on home renovations,” added da Rocha. “Today’s woman is much more financially astute than her counterpart a decade ago, and is well versed in real estate as a solid long-term investment.”
Additional Poll Findings:
- Among those who own and rent and intend to purchase a home/condo in the next three years, men and women both rank equally (81%) taking out a mortgage from a bank, however, nine percent of men said they would rely on their family to pay for their entire home, in comparison to only three percent of women.
- Of women who own, who don’t intend to purchase in the next three years, when asked, “Which one of the following motivations most influenced your decision to purchase your home?” the top three responses included: it makes more sense than renting (36%), want to put my money into a good investment (22%) and pride of ownership (13%).
- Among women who are intending to purchase in the next three years, when asked, “Which methods will you use to educate yourself about home purchasing?” the top three responses cited were speaking with a real estate agent (83%), speaking with friends and relatives (78%) and using real estate and financial websites (64%).