Tips for Single Parents Looking to Buy a Home
Tips for Single Parents Looking to Buy a Home
Written by Rory Jeanne
For the exclusive use of growthbyncrc.com
Purchasing a home can be difficult for many, but even more so for single moms. The New York Times addresses the issue in an article titled Dream of Buying a Home Gets Harder for Single Mothers. They highlight that due to pay cuts and inflated prices during the pandemic, single mothers are having a harder time finding the financial stability that will allow them to purchase a house.
Buying a home, as opposed to renting, is more beneficial in the long run as this can help you lessen your monthly payments. Plus, real estate is generally an investment that appreciates over time. If you want to purchase a home, here are some handy tips that you can use to save yourself from a few headaches and mistakes:
Know what you need from your home
The first thing you should consider is what you will need from a home. This includes the number of bedrooms for you and/or any children, the amount of livable space, and the amenities that your family’s lifestyle may require. This will help you determine which houses you should be looking at, so you won’t be wasting your time and resources. It can also give you a ballpark estimate of how much your potential home could cost.
It’s helpful to write a list of spaces that you will need in your home. You should also consider whether the houses you are looking at need repairing or not. A fixer-upper may seem cheaper initially, but the cost of repairs can amount to more than you bargained for. Creating a checklist of things to look at can help save you time and energy during the house hunting phase.
Consider the community you are looking at
Another thing you should think about before moving to a home is whether the general community or neighborhood is suitable for you and your family. A few factors that make up a family-friendly area are access to quality education and recreational areas, overall safety within the community, and the promotion of social and cultural development for children. Does the area have a school for your kids? Will it be easy commuting to school and work? Is the neighborhood safe and family-friendly? Are there places for pets?
When buying a home, make sure to determine the services, establishments, and mechanisms of support that you want from your community. If you believe that the area is not for you, then you won’t waste your time looking at houses there. This will also ensure that your children will grow up in a positive environment.
Plan your family finances early on
Because buying a house is a big investment, you should consider how you will be financing the venture. It’s important to assess all finances to make the best monetary decisions. You can even see a financial advisor to help you factor in all the moving parts of raising a family on your own. As described by Maryville University, a financial advisor can help with insurance, real estate, and managing your savings. There are many affordable options for financial advisors, and one tip is to avoid commission-based planners as they can be a bit biased when promoting products. You can try to find for advisors with a fixed hourly fee or capitalize on employer-provided financial planning programs. While hiring an advisor may seem like an unnecessary expense, they will make the buying process much less stressful and will likely save you money in the long term. Additionally, they can help set up finances for long term planning that keep you in your home.
Our past article on Tips for First Time Homebuyers explains that you can also opt to apply for a loan. To avoid higher interest rates, you should take care of your credit score. GROWTH offers links to Housing Counseling programs and resources that can connect you with credit education and repair, housing counseling, and even financial resources and assistance. This way you will not only be able to get a good loan, but will also a plan to grow financially.
Don’t be afraid to negotiate
Another way you can save money when buying a home is by negotiating. You can attempt to strike a deal with the owner if the property is not a “hot” one. Forbes also writes a few other areas you can negotiate in when buying a home that will help you get the best price. For one, you can ask the previous owner if there are certain pieces of furniture or decor they are willing to sell to you along with the property. Perhaps there are lawn and landscaping tools they will no longer need.
Although you’ll be getting items secondhand, you’ll be able to save money because you won’t need to buy them brand new or pay to move or ship . You can also negotiate for repairs and maintenance to be included in the total of the purchase, so you won’t have to pay for it when moving in. Don’t be afraid to negotiate during a sale because there is a chance that the previous homeowner will agree to it.
Buying a new house can be daunting for single moms because of the many things they have to think about. With these few helpful tips, you can get the process done more efficiently and with fewer speed bumps.