As the property market evolves, women are making significant strides in homeownership. Insights by Lightstone, a provider of comprehensive data, analytics and systems on property, automotive and business assets, highlights that women now account for 60% of new property buyers, a trend that underscores the need for informed decision-making when purchasing a home.
For female-headed households, especially single moms, Executive Head of Claims & Claims Support at Momentum Insure, Funeka Ngewu, says the stakes are even higher as ensuring a secure and stable environment for their loved ones is critical.
With so much to consider, how should a woman in this position approach a new property?
Prioritising safety and structural integrity
For a woman, purchasing a property involves more than just financial investment, it is about securing a safe and nurturing environment for her children. Before finalising a purchase, it is crucial to assess the building’s safety features.
“Safety should be the top priority,” says Ngewu. “The way the building is constructed, its electrical compliance, and backup energy solutions, all need to be checked thoroughly.”
Ngewu says engaging a professional, such as an architect or engineer, to inspect the property can prevent costly surprises. This detailed inspection ensures the building meets safety standards and identifies any potential issues that could affect future living conditions and insurance compliance.
Understanding insurance needs and maintenance responsibilities
Ngewu added that comprehensive homeowner’s insurance is crucial when protecting any property while maintaining financial stability. Women must ensure they have the correct type of cover tailored to their specific needs.
Insurance policy terms and conditions can be cumbersome and confusing for any homeowner, but they exist for good reason. Before you insure your property, Ngewu says it is important to ensure a few boxes are ticked:
- Thorough inspection: Before purchasing, invest in a professional property inspection to uncover potential issues that could impact insurance coverage.
- Policy review: Different insurance policies offer varied terms and conditions. Ensure you understand what is covered and what isn’t and choose a policy that aligns with your needs.
- Timely premium payments: Even in tough economic times, maintaining your insurance premiums is crucial. Missing payments can jeopardise your coverage, putting your significant investment at risk.
“If you’re unable to maintain the house yourself, hiring someone to handle maintenance is a wise investment,” says Ngewu.
Maintaining your property
Regular inspections, timely repairs, and added security measures help to ensure your home remains a safe environment and that you’re adequately protected against unforeseen events.
Keeping up with property maintenance is crucial to both preserving its value and meeting your insurer’s obligations.
“I know many female breadwinners who own properties that aren’t always occupied, like holiday homes or rentals,” says Ngewu. “These require extra attention to stay in good condition and prevent insurance disputes. Remember, maintenance responsibility falls on the owner, not the insurer.”
Empowerment through knowledge
Ngewu emphasises that securing the right homeowner’s insurance allows women to fully embrace the joy of homeownership, with the reassurance that their homes and their families are well-protected. It’s not just about safeguarding their present but also about building a resilient future for their children.
By taking responsibility for proactive planning and maintenance, women homeowners can transform their homes into secure sanctuaries.
“As more women and single mothers continue to make their mark in the real estate market, having the right insurance is a crucial part of their journey to success and independence,” concludes Ngewu.
