How to Buy a House as a Single Parent (7 Tips)

Some people think of ways on how to buy a house as a single parent.

How to Buy a House as a Single Parent
How to Buy a House as a Single Parent

However, some might find it hard to believe because single parents lack the financial ability to buy a home of their own.

This can be very prejudiced because nowadays, anyone can buy a home as long as they can pay for it.

This is because some single parents earn more than two of the parents in a complete family.

Here are some tips on how to buy a house as a single parent.

1. Think Carefully if Owning a House Makes Sense

Remember that owning your house is not a goal meant for everyone.

Given that most single parents earn enough income to support their family’s day-to-day lives, it might be a better option to rent a house rather than buy one for themselves, especially if they are starting single parents.

Also, take note that buying your own home means you’ll be the one in charge of repairs and home maintenance.

Unlike in renting houses and apartments, where the landlords usually deal with this aspect, you have to take care of it independently.

Another thing is that buying a home in one place doesn’t mean that it is also the same.

Related: 7 Stay-at-Home Mom Jobs That Pay Well in 2021

For example, there are cities and towns where you can buy a house the size of a mansion for peanuts.

Still, there are cities where your monthly income is enough to pay for a studio apartment.

So it might be much more reasonable to rent a house in these cases than buying your own home.

2. Consider Applying For Housing Loans

As a single parent, it can be pretty hard to buy a house of their own on top of taking care of their kids and shouldering the finances.

Even putting a down payment may seem like a challenging task for single parents to fulfill. 

Those undergoing divorce proceedings may have it worse.

Also, supporting the family’s finances on a single income means that it would be hard for them to be qualified for a home loan.

However, we’re not saying that it is impossible.

Banks and financial assistance programs are aimed at single parents who want to buy their own home, which they can avail of if they meet specific criteria.

These include having a good credit score or an income range that makes it easy for them to pay for the home loan if they get approved.

There are also government agencies that can help you with buying a house as a single parent.

You can check the official websites of your local government agencies and the national or federal government as well for a list of financial aid grants and loans you can avail as a single parent.

3. Get Pre-approved as a Single Parent

This is one of the first steps on how to buy a home as a single parent.

But, first, you have to make sure that you are pre-approved and not pre-qualified as a single parent.

These two words are totally different in meaning, contrary to popular belief.

Once you are pre-approved for a mortgage, you have to choose the best option for you. 

There are different durations for mortgages, so everything makes sense once you get pre-approved for a mortgage.

4. Hiring a Real Estate Agent

Real estate agents are the ones who know a lot about how to buy a home as a single parent. 

You should hire a competent and trustworthy real estate agent to tell you what you need to prepare for documentation, payment schemes, and more.

This also eliminates many other processes on how to buy a home as a single parent because they are the ones who will do the hard work for you.

5. Know Your Housing Priorities as a Single Parent

One of the most essential things on how to buy a home as a single parent is telling your real estate agent what you want and need in your home.

Of course, you should also note what your kids want and need regarding basic necessities and other amenities.

Some of the things you must let your real estate agent know include the number of rooms you want in the house, the number of bedrooms and bathrooms, the layout and style of the houses, and if they are near the school, grocery shops, and other public places.

These would play important roles for your real estate agent to scour homes that fit your criteria.

6. Include Your Children in Decision-Making

This is one thing people forget when talking about how to buy a home as a single parent. 

Your kids will live with you, so they must have a say on the houses you’re choosing for them. 

Listen to your kids’ suggestions and comments on the places you see as their potential home.

Changes in the environment are essential when buying a house with your children.

If they are excited about moving into their new home, it would eliminate sadness and find it hard to adjust to the new neighborhood.

7. Keep All Expenses and Costs in Mind

You must know that buying a home does not stop when you paid the mortgage and started moving in.

It is important to remember that you must take note of all the expenses and costs you’ll spend in buying a house, and what you might spend in the future.

This includes home maintenance, repairs in the plumbing, electrical lines, gas lines, heaters, and air conditioning units.

You should be ready for these expenses so that you won’t be shell-shocked at the costs and fees when these situations happen. Instead, you knew it was coming, and you’re prepared for it.

Lastly, it would be best if you also considered the expenses you’ll be spending once you move in.

That includes renting moving companies to help you with your things, the modes of transportation you’ll use going into your new home from school or the office, and the emergency expenses.

Again, it is better that you’re very much prepared for everything rather than emptying your savings account for a sudden need to repair your heater or gas lines.

Related: 11 Jobs That Are Fun and Pays Well in 2021

Summary

In summary, these are the 7 tips to consider when buying a home as a single parent:

  1. Think Carefully if Owning a House Makes Sense
  2. Consider Applying for Housing Loans
  3. Get Pre-approved as a Single Parent
  4. Hiring a Real Estate Agent
  5. Know Your Housing Priorities as a Single Parent
  6. Include Your Children in Decision-Making
  7. Keep All Expenses and Costs in Mind