Why Single Women Choose Condos
By: Sarah Fong
While women may still lag behind men in many facets of life, purchasing real estate is not one of them. According to a 2012 study profiling home buyers and sellers in the U.S. (no similar study was done in Canada, although anecdotal evidence shows the trends are similar), the number of single women purchasing real estate was actually double that of single men. It should come as no surprise though given that more women are graduating with degrees that lead them to higher paying positions in the today’s workforce, and many of them are choosing to purchase a home of their own before starting a family. You go, girls!
In fact, if a similar study was done in Canada, the number of single women purchasing real estate might even be higher. This is because condos – which now account for nearly 30% of the total resale market in the City of Toronto – offers a more affordable option for people entering home ownership as a single-income earner. As a homeowner myself who purchased a condo as a single woman, I can shed some light on the top reasons why owning a condo is a great option for single women:
1. Financial Security and Investment
While owning a condo is one of the biggest financial commitments anyone will ever make, it can also provide long-term financial security. Single women aren’t waiting for a partner to come around before purchasing property together – they’re taking the matter into their own hands and buying condos. There’s nothing like knowing you’ll always have a roof over your head no matter what happens, or that you can turn it into an investment property down the road.
2. Safety and Security
Let’s face it, even the strongest and most independent women out there still look for personal security. Living in a condo means having a 24-hour security guard at your front door, brights lights in the halls and the underground garage, not to mention security cameras inside and outside of the building.
Being in a big city means you’ve got places to go and things to do, and the last thing on a single woman’s mind is having to shovel the snow in the driveway so she can get to work in the morning. Not only do maintenance fees cover the outside work, but they also take care of the nitty gritty details like making sure the vents are clean and the dryer isn’t going to cause a fire hazard. In addition, maintenance of amenities such as the gym, pool, and party room are taken care of, so that even if you don’t use them frequently, they are ready-to-use when you want them.
4. Details and Luxury Finishes
Women are more detail-oriented and want move-in ready places to live in that have specific layouts and finishes. While older homes and rentals in the city can be done up to look like new, the finishes in condos are generally newer and provide the luxury feel that appeals to many women. Granite counter tops, laminate or hardwood flooring, high ceilings, stainless steel appliances and brand new fixtures are all features that draw women in.
If you’re a single woman and thinking about buying your first condo, the first step is to find out how much you can afford. Talk to your financial advisor or a mortgage broker and get on the road to condo ownership. Happy condo hunting!
Are you a single woman who owns your own condo? What were the reasons you bought?