Homeownership is a journey many people dream about, including single moms. While it may seem more difficult for a single mom, homeownership is still a realistic option. Yes, you can buy a home if you’re a single mom! These seven tips on how single moms can buy a home, plus words of wisdom from single moms who work in real estate, are a great place to start.
7 Tips On How Single Moms Can Buy A Home
Envision Yourself In Your New Home
Make a vision board or a list of everything you want in your new home. Start by researching neighborhoods for amenities, schools, walkability, transportation, and anything else important. Check the listing in your dream neighborhood and then schedule a viewing of available properties. They say if you can dream it, you can do it, so open yourself up to your homeownership dream by immersing yourself in it. Doing this will also show you what is available and what the current real estate market looks like.
“Dream. Plan. Achieve. There will be obstacles and challenges along the way, but being a Homeowner is within your reach! Educate yourself and don’t hesitate to ask questions along the way.” –Kenise Batts, Real Estate Agent, and Mom
Know Where You Stand
Your credit score, work history, savings, and ability to qualify for a home loan are essential first things to know. By pulling your credit reports, you can find out where you stand for your credit score. Using a mortgage calculator, you can get a good idea of how much of a mortgage you can afford.
You can also work directly with a bank or credit union to know how much of a loan and at what rate you qualify and to get preapproved for a mortgage. Some people may want to start with a real estate agent who can also gather this information. The choice is yours, but make sure you feel comfortable with the person you are working with and know the terms of working with them upfront. HUD also has resources that may work for single moms, including housing counselors who will consult with you for free or a nominal fee.
Budget & Save
Create a budget for your current living expenses. Cut down on non-essential costs and then put that money and a certain amount of your paycheck into a specific savings account for your future home purchase. It’s important to consider the costs of purchasing your home, such as appliances, furniture, and maintenance. Consider allocating some of your savings for specific expenses that come after your home purchase.
Do Your Research
There is no shortage of things to add to your research list as a single mom buying a home. Check with your local library for upcoming homeownership workshops and other resources. Look into local and federal programs and grants that assist with home ownership, including first-time home buyers programs. Grants are available specifically for single moms, service members, and public servants. Single moms in specific fields may qualify for multiple programs.
The Art Of Negotiation
While hiring a real estate agent is designed to help you with the process, it is a good idea to familiarize yourself with the ins and outs of negotiations when buying a home. This skill may come in handy when it is time to negotiate final home costs and what, if anything, you want to be included before closing. Knowing the current market will also determine if you are getting a fair price–particularly important for single mothers, and women in general, because of predatory practices against women.
Negotiation skills are also important once you make your offer. Sellers will likely counter your offer. Your real estate agent can help you navigate the negotiations. Knowing what reasonable counters are ahead of time will help you.
Different Types Of Property
Consider a townhouse or condominium if a single-family home is not in the budget. Many programs available for home buyers can also be used to purchase this property type. A townhouse or condo may not be your dream, but either one could be your first step as a homeowner. Looking forward, this type of property can eventually be a part of your wealth-building plan for your family. You can buy a single-family home and keep this one as a real estate asset.
A Fixer Upper
A fixer-upper is also an option when considering a property if your ideal or dream home is unavailable in your desired area or is out of your budget. A fixer-upper in that area may be the best way to get your family into the neighborhood, especially if it also has the amenities necessary for you.
Hopefully, these tips and words of wisdom show how single moms can buy a home and encourage you to start your homeownership journey.
