Owning a home and finding opportunities to meet monthly payments is difficult enough for a married couple, thus, making it doubly challenging for an individual who has one or several children depending on him or her. Single parenthood does not mean that you will be renting out a home for the rest of your life, until, of course, a high paying job comes along. Home buying programs for single parents exist to assist solo parents in purchasing a home without the added and unnecessary stress. Home buying should be an equal opportunity for everybody, regardless of one’s civil status.
Why Rent, When You Can Buy A Home?
Having your very own home is an investment in itself. Every time you spend, it’s not likely you’re going to see your money make its way back to you anytime soon. In contrast, if you place your income into a home, a tangible asset, you are where your money is going and are doubly sure that you have something to fall back on when the need arises in the future. Your own home is a guarantee that you will never need to switch houses ever again, and, being a single parent, this is perhaps one of the most essential things to have.
Home Buying Options
Regular realty offers are friendlier towards households where two people earn income. Single parents looking to own their own houses usually take longer to finish paying off the mortgage because the solo income is divided into too many other essential payments that concern his or her family. Luckily, there are real estate and home buying programs that are sensitive to the needs of solo parents.
You can start by getting in touch with the Housing and Urban Development office in your office. A lot of HUD-run housing agencies have home offers and can draft payment schedules that are more considerate of single-income households.
The good thing about getting qualified for a home loan is that because only one person is applying, the approval process becomes relatively faster than applications that involve two-income households. Your local housing and development office will be able to point out which areas in the community are best fit for solo-income families and which are well within your budget.
Buy A Condo
Because a single-family home does not really need so much space, to begin with, you might want to consider buying a condominium or apartment unit. This way, you will not have to worry about external housing maintenance costs because the building administrators will take care of everything for you. For a small association fee paid monthly, all you need to think about is maintenance within the confines of your home. You won’t even need to fuss over the outside hallway, unless, of course, your condominium does not provide maintenance.
When it comes to pricing, a condo unit is relatively cheaper because there is no lot to speak of. As a single parent of one or two children, this is a practical choice, especially if you’re always on the go and rushing off to work.
Get A Loan
Single parents fall under the same category as first-time home buyers, so make sure to point this out when you’re talking to your local bank for a possible loan. Banks like to invest in their clients, so the more open you are about your payment capabilities and your housing requirements, the more your bank will be able to point you exactly to where you need to look and choose.
Home Requirements For Single Parents
Single parents home requirements are the same as any other household. The house must be in a safe neighbourhood where the kids can move around and play; it should be close to schools and local hospitals, and it should be close to the commercial areas so you can buy what you need easily. Because you will most likely be out of the house working, it will be inevitable that, at times, you will need to leave the kids behind. That said, make sure to choose a neighbourhood that’s kid-friendly.
Of course, the type of home you purchase depends largely on your budget and ability to keep up with payments. Don’t go buying a home just so you can prove to others that you can survive nicely as a single parent; buy a home because you and your kids deserve it and because you can afford it.