When you are a single parent who is looking to buy a home for your family, you are sure to be faced with a lot of exciting possibilities that are unique to your situation. While you have the burden of being solely responsible for paying the mortgage each month, you also have the freedom to choose the house you want and decorate it however you want! Consider these top considerations you should weigh when you are buying your first home as a single parent.
Contact Your Local Housing Authority
Your local housing authority may have helpful information for single parents who want to buy their first home. The programs available to you will vary by state, so your first step is to contact the housing authority for your state.
Determine Which School Districts You Want to Be In
Before you start looking for a home, you may want to establish which school districts you want to be in. If your kids are in public school and don't want to switch schools where they are thriving, you may not want to move far from where you're currently living to avoid switching school districts. On the other hand, if you want to move to a better school district, carefully map out where you should target your home search to be in the right districts.
Give Your Kids Controlled Input
As a parent, you are ultimately the one who gets to call the shots, but your kids will appreciate feeling like they have some control of things. Involve them when possible. For example, if you find that you have a hard time picking between two homes, you may take your kids to see both houses and ask for their opinion. Let your kids know that you will carefully consider their input.
Maybe you want to keep things on a smaller scale. If you are going to repaint the new house, choose three paint colors that you adore. Then, show children the three colors and let them make the final choice. By offering them limited choices, you can make sure the outcome is something you'd like, yet also empower them to feel like they have a big say in what happens at their new home.
Consider Whether You Qualify for an Individual Development Account
Many single parents will quality for an Individual Development Account. Individual Development Accounts can be a helpful tool to move toward home ownership. You may qualify if you have a low income, and signing up and maintaining an account can help you double your savings.
Finally, take your time when you are looking for a house. As a first-time buyer, it can be tempting to dive in and try to find a place to call home as soon as possible. If you instead take your time and look at all your options, you can best choose a home that's both affordable and a good fit for the exact needs of your household.
Contact a real estate agency that offers home buyer services for additional advice.