9 Tips for Single Moms Buying Homes
Posted by Eric Skates on
Purchasing a home can be difficult for anyone, both financially and mentally. Purchasing a home as a single mother can be even more so because everything falls on you versus having things handled by a team. To make things a little easier, single moms can utilize the following nine tips when purchasing a home.
1. Enlist Help
There is a lot to do when buying a home. During the process, there are a lot of appointments, paperwork, and phone calls. After the process of cleaning, packing, possibly renovating, and generally moving into your new home is hectic. Ask a close friend or family member (or two) to help you.
2. Involve The Kids
You would be surprised at just how much help involving the kids can be. For starters, it gets them excited about the big move. For another, older children can be absolutely invaluable in how they can physically help. They could babysit or help watch younger siblings, pack boxes, clean, and otherwise be involved.
3. Gather Paperwork Ahead of Time
A lot of paperwork is necessary when obtaining a mortgage, and if just one piece is missing it can set the entire process back considerably. A key way to ensure the process goes as quickly and smoothly as possible is to gather all your paperwork ahead of time. You'll want proof of identity and documents verifying your income sources.
4. Have A Moving Plan
Once the mortgage is approved and the keys are in your hand, the mental stress may be a little less but the hardest part physically has just begun. Having a detailed moving plan can make this much easier for you. Remember to consider (if applicable) when you must be fully moved out of your current residence, as well as what needs to be done (if anything) prior to moving into your new one.
5. Consider Paid Time Off
If your job offers it, taking some paid time off (PTO) can help you considerably during the moving process. With even just one or two free days single moms can tackle a significant amount of task items on their moving to-do list.
6. Young Kids? Consider A Sleepover
If your children are too young to assist in moving, consider leaving them overnight at someone's home. This could be their father (if he is still involved), your parents, or one of your siblings. Not only will this allow you to get much more done, but also get a little rest once you've stopped for the day.
7. Research Home Loans
There are some companies who specialize in mortgages for single moms, while certain federal loan programs are specifically for lower income households. Be sure to check if you qualify for these. They often carry benefits like lower interest rates or smaller down payments.
8. Ask About Closing Costs
When negotiating the purchase price of your new home ask if the seller is willing to cover closing costs. They may require you to pay the full asking price of the home - or at least very near it - but the benefit is less cash needed on hand.
9. Need Repairs? Better Shop Around
If buying a fixer up you may require some home repairs. If this is the case do not jump on the first contractor to come your way. Instead, always be sure to obtain a minimum of two price estimates after researching the various companies who service the area your new home is located in. Check online reviews and ask friends or family members for recommendations. Choose the most affordable company from those with great reputations.
For more information on purchasing homes or obtaining mortgages contact us today.