by Vanessa Summers
FINALLY! A book that caters to single women who are in the market to buy their first home...or who have just begun to entertain the idea! As the cover of the book reads: "Don't wait for Mr. Right -- make the best investment of your life!"
Vanessa Summers presents an in-depth look at the process of purchasing your first home and provides excellent inspiration and motivation to spur on single gals toward the ultimate goal of owning a place of their own.
Covering such topics as figuring out how much home you can afford to the joys of home ownership (no more landlords!) and the impact of your credit report on your ability to buy, Summers enthusiasm is infectious! And the brief 192-page book is more like a conversation with a big sister or trusted friend than a book about purchasing real estate. Her skill at overcoming common excuses for not buying -- such as "I can't afford to buy" and "I'm not sure how long I want to live in one place" and the definitive "I want to wait to buy until I have a family [read: husband] of my own" -- is authoritative, yet gentle. Basically, the gist of the book is stated in the first sentence of the introduction: Why a Home is the Best Investment a Single Woman Can Make.
However, I do have a few criticisms of Summers' book, mainly that she oversimplifies and glosses over a number of important concepts, such as commission structures and the importance of using a Buyer Agent or Buyer Specialist to represent you in the purchase of your home. Summers claims that using a Buyer Agent is dangerous, as "there will always be an inherent conflict of interest [when using] a buying agent because their commission size is always going to be dictated by how much the buyer paid for the house!" True, I work mainly as a Buyer Specialist so of course my position on this issue differs from Summers'. However, working with an ethical Buyer Specialist ensures that your best interests will always be foremost - above commissions, above closing the transaction, above all.
Moreover, aligning yourself with a Buyer Specialist you can trust is the most important part of your home purchase. A Buyer Specialist can guide you through the process of buying your first home -- and every home thereafter -- with far greater skill and knowledge than following the simplified and non-state specific guidance of a book. This book is an excellent motivator and provides credible advice in a readable format, but it is no substitute for a qualified, knowledgeable Buyer Representative.
My advice:
- Interview your Buyer Specialist carefully. Ask them as many questions as you feel you need to in order for you to be comfortable!
- Ask for copies of testimonials and references from recent past clients, and take the time to follow up on those references.
- Meet with your Buyer Specialist before actually going to look for homes -- have coffee or lunch to see if you "click."
- Then move into the home-search process slowly, asking questions as you go so that you feel confident in your own knowledge and decision-making.
(NOTE: The book is also a bit out-of-date as it relates to types of mortgages available. With the recent demise of the sub-prime market, the mortgages Summers discusses that come with little or no money down are few and far between -- if they even exist at all anymore. As a general rule: get a referral to a good mortgage lender or broker to discuss current mortgage options and what you can personally qualify for, before making the decision to buy.)
Read this book, but read it with the understanding that its advice is very generalized. Use it for a motivator to get you inspired to begin to explore the possibility of owning your first home. Let it drive you to start asking questions and talking to others who have gone through the process.
If you have questions or comments about this book or this review, please feel free to post them below! I'd be happy to respond!
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BOOK INFORMATION:
Buying Solo - The Single Woman's Guide to Buying a First Home
by Vanessa Summers
ISBN-13: 9780399530760
1 comments:
It would be a great experience...
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