#InternationalWomensDay: Things Single Women Should Do If They Own A Property
Sarita Malhotra, 47, is an independent woman who decided to stay single. The concept of marriage was not really suited to her life choices. While she was busy building her career in the legal profession, she did not have much time to dedicate to family life. As time passed, she was also sure that she has got too firm in her ways and making any adjustments ― something a family life demands ― was just not possible. That does not mean that the bright lawyer did not have a fulfilling life. She is, in fact, much happier than her married colleagues, living her life on her own terms. She is also the owner of multiple properties, all acquired through her own money. But, there is just one thought that keeps bothering Malhotra. What will become of her property and other material assets when she is gone?
Are you also like Malhotra? A career-oriented single woman who is on her way to create her own wealth? However, you are not sure what happens to your assets after you are not there to take care of things. Planning in this regard is essential for all of us. But in your case, this becomes even more important.
Keeping it light
If you have acquired your property using bank finance, it is quite important that you pre-pay your home loan as early as you can. Staying single involves a lot of risks too and being under debt in a scenario such like that is not a good idea. Any additional income that comes your way should be used to pre-pay the loan. If you have to pay a penalty on it, make sure the re-payment period is significantly shortened.
At the same time, keep the loan amount as low as possible. We understand that banks offer you cheaper home loans when compared to your male counterparts, but that does not mean you would burden yourself. Try to seek the help of your friends and family members to keep the down-payment fatter.
At her own will
It may not be pleasant to know that most of your relatives might be nursing the aspiration of having a share in your property after you are not there. If they are family members, they surely will get a share in your property according to the provisions of the law. But, it was a distant relative that has been your friend for life while your close family members were not of much help. Would you not want the former to benefit from your assets in future? To ensure that, and also to make sure that legal battles are not fought over your material assets, do create a will. As this is a self-acquired property, you could gift it to whosoever you want to. That would totally be your prerogative.
Also read: Advantages Woman Home Buyers Have In India
Your support system
Single people, especially women, need to build a strong support system. In your friend circle, there should always be people who you can trust when it comes to sharing details about your life and wealth. Your friends could help you lead a good life while you are here; they can also be of help in distribution of your property when you are gone. Your close friends could be the witnesses, for example, when you create a will.