Expert Tips: Single Moms' Guide To Smart Real Estate Investments

Mother’s Day 2023: When it comes to real estate, single mothers have unique considerations to keep in mind. Experts feel assessing the financial situation and determining a realistic budget for homeownership are crucial. On this Mother’s Day, we try to bring expert views on how single mothers can leverage real estate as an investment option in their financial planning.

Mother’s Day is a special occasion celebrated in many countries around the world to honour and appreciate mothers and mother figures.

Real estate investing

Consider your income, expenses, and the potential costs associated with owning a home, such as mortgage payments, property taxes, insurance, and maintenance.

Explore financing options and research government schemes or grants that provide assistance to women looking to purchase a home. Look into affordable housing initiatives or low-interest loan schemes that can help make homeownership more attainable.

Also Read: Mother’s Day: Know These 5 Expert Tips To Leverage Gold Loans

Having a clear understanding of your needs will help you narrow down your options and focus on properties that meet your criteria.

Here are some expert tips to help single mothers navigate the real estate market:

Geetika Trehan, CEO- north, Godrej Properties, says, “The Indian residential real estate sector has continued to witness growth post the pandemic and remains a good investment opportunity given its dependability. Women are increasingly viewing home ownership as an important asset and milestone in achieving financial stability.”

Sarthak Seth, SVP and chief sales and marketing officer, Tata Realty and Infrastructure, too feels that the stability and security offered by real estate investments can give single mothers peace of mind, knowing that they have a tangible asset that can appreciate over time.

Geetika Trehan suggests with careful planning and looming tax benefits provided by state and central governments, women, and also single mothers in particular, can embark on creating a foundation of financial independence, a stable living environment, and a secure future for themselves and their families.

Sarthak Seth stresses on the rental income potential, which can provide a steady stream of cash flow, which can be invaluable in supporting their children’s needs and securing their financial future.

He adds that the tax benefits provided by the government for women homeowners act as a catalyst, encouraging single mothers to take this important step.

These benefits can include deductions on mortgage interest, property taxes, and even capital gains exemptions in certain cases.

By leveraging these tax advantages, single mothers can maximise their savings and create a stronger financial foundation for themselves and their children.

“It is a strategic investment that not only ensures financial stability for themselves and their children but also empowers them to build a brighter future,” Seth highlights.

Moreover, it is important to be mindful of ongoing homeownership costs, such as maintenance, repairs, and utilities. Set aside a contingency fund for unexpected expenses, so you are prepared to handle any financial surprises that may arise.

Finally, remember that real estate is a long-term investment. Take your time, do thorough research, and make a decision that aligns with your financial goals and the well-being of your family.