Points to Remember for a Single Women Home Owner
Mar 15, 2018 Home Trading Steps
Women home buyers are increasing as they are financially independent and can take their own decisions on anything. And it is similar in case of buying a property which includes lot of factors to look into. So here are some pointers that women should remember if they are a single owner of a property.
If you have purchased a property by taking a home loan then it will better that you repay the loan as early as possible. As being a single woman involves various risks and in that scenario being under debt is not a good option. If you have any source of extra income then it should be used to repay the home loan amount.
It will be better that you keep the loan amount on the lower side. Banks do offer home loan at a much cheaper rate to females but there is no point in putting the burden on yourself only. Try to make the down payment on a higher side so that you need to take a less loan amount.
Being a single woman, you might face a lot of domination from your relatives who might aspire for a share of your property. But when you have sought for a help from them they might not have helped you. The help might come from some of your distant relative or friends. So why should you give the property share to those who were not of any help? A close family member who has the right to have a share in the property they will get as per the Hindu property laws but not others. To handle such situation it’s better to take legal help and get your will sorted. As you are the owner of the property, so you can give or gift to anyone whom you want to give. That should be completely your decision.
You need to build a strong support system for yourself with good people. In your circle, there should be always people who you can trust and share some details about your wealth and life. They should be completely trustworthy. Being among faithful and good people will help you to lead a good life. After you are gone they could be a good help in distributing the share of your property. Moreover, your close friends could be witnesses in your property registration and also when you create your will.
So make sure being the single owner you are well aware of everything related to property matters and act smartly to avoid any hassles in future.
If you have purchased a property by taking a home loan then it will better that you repay the loan as early as possible. As being a single woman involves various risks and in that scenario being under debt is not a good option. If you have any source of extra income then it should be used to repay the home loan amount.
It will be better that you keep the loan amount on the lower side. Banks do offer home loan at a much cheaper rate to females but there is no point in putting the burden on yourself only. Try to make the down payment on a higher side so that you need to take a less loan amount.
Being a single woman, you might face a lot of domination from your relatives who might aspire for a share of your property. But when you have sought for a help from them they might not have helped you. The help might come from some of your distant relative or friends. So why should you give the property share to those who were not of any help? A close family member who has the right to have a share in the property they will get as per the Hindu property laws but not others. To handle such situation it’s better to take legal help and get your will sorted. As you are the owner of the property, so you can give or gift to anyone whom you want to give. That should be completely your decision.
You need to build a strong support system for yourself with good people. In your circle, there should be always people who you can trust and share some details about your wealth and life. They should be completely trustworthy. Being among faithful and good people will help you to lead a good life. After you are gone they could be a good help in distributing the share of your property. Moreover, your close friends could be witnesses in your property registration and also when you create your will.
So make sure being the single owner you are well aware of everything related to property matters and act smartly to avoid any hassles in future.
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