Buying Solo

When you're a single woman over 40, buying your first house seems like a good idea. 

What else are you going to do? Wait for some man to come along and whisk you off to suburban marital bliss? 

You might as well ask for the moon by noon. 

Consider the facts. You made it this far on your own, earning a living and paying the bills all by yourself. You even managed to invest enough money to slap down the minimum five per cent and start calling yourself a homeowner. After all, you're faced with another 40 plus years--knock on wood--so it's time to put down some roots. 

But what happens after you move into your new dream house? 

Suddenly, you're dealing with a new set of monthly expenses. Throw out the budget that carried you through the last few years; it's time to build a new one from scratch. 

Once you have a new budget, start saving like you plan to buy a second house in a few years. You're going to need all that extra cash for things for which no budget can truly prepare you, such as repairs, renovations, and interior design--necessarily in that order. 

Repairs come first because you need to fix whatever is broken. Did you get a great deal on a handyman's dream? Did you stop to consider whether or not you're handy? Also, don't forget that appliances, heaters, furnaces, and oil tanks have a habit of breaking down at the least convenient times, schedules and finances notwithstanding. 

Before you even think about redecorating your new house, take a hard look at the layout. Is there something you want to change? Maybe you want to knock out the wall between your kitchen and dining room. Maybe the master bedroom needs a bigger closet. 

Put down that sledgehammer. Common wisdom says you should live in your house for at least a year before making any major changes. Use the time wisely and coordinate your renovation and design plans. 

When it comes to interior design, your plans could be as simple as a fresh coat of paint or as complex as choosing decorative wall sconces that complement your new living room furniture. Either way, you need to make the right choices so you don't have to do it all over again in two years when you're tired of looking at peach curtains and throw pillows. 

Scared yet? Don't let that stop you. A little fear keeps you on your toes, but that doesn't mean you can't enjoy living in your house. 

If you ever have doubts about the money you're throwing into mortgage payments, just ask yourself one question. Would you rather go back to paying that much to rent an apartment?