Buying a home can be challenging at the best of times. Buying a home as a single parent, especially after a divorce, can be a daunting experience with its own set of challenges. After all, there are so many steps, tasks, and requirements, and you may be anxious about making an expensive mistake. The person you were used to make decision with is no longer by your side and all the responsibilities lie on you now.
Whether you owned a home together and now you are buying alone, or if you were renting before and are now purchasing your first property, you are venturing in new territory and you are finding making this decision scary, but the dream of owning your home can be done if you give it proper consideration.
Below you will find some tips which may assist you in being more comfortable with what is most likely going to be the biggest purchase of your life.
1. Decide whether owning your home makes sense as a single parent.
Buying a property comes with responsibilities and it is not for everyone. It is quite different from renting and therefore you need to inform yourself on the implications of buying vs renting.
2. Make sure your divorce is final.
It is important that your divorce is legal and final, especially if you are married in COP, as buying a home before your divorce is final will mean that you will actually be buying the home together. So, if you are still married or the divorce is in process, wait for the divorce to be final.
3. Find out how much you can afford as well as your Bond affordability
You live with the monthly payment, not the purchase price. Think carefully about your budget.
4. Budget for your costs
It is important that you account for ALL related costs. Whether you are taking a bond or part bond, you will have added transfer costs. Ask your Estate Agent to provide you those costs so that you have budgeted well.
5. Work within your budget
This one is very important as you may be tempted to stretch yourself over a property that you fell in love with. Remember to consider all the costs and the monthly payment.
6. It’s your house.
Be less concerned with asking for people’s opinions and more focused on connecting with what you want and what your housing priorities are. Now is the time to own your singlehood! You may still wonder what your ex may think about the property, but remember, this is your house. What’s important are what your needs and what your wants are for your home as well as that of your children. No one else’s.
7. Location, location, location!
Don’t just fall in love with a property. Get acquainted with the neighbourhood and evaluate if it offers what you are looking for as part of the bigger picture.
As you are determining what is important to you and your children, it is a good idea to create a checklist to make sure, as you are viewing homes, that your needs and wants are being met.
Buying a home as a single parent can certainly be challenging, but it’s not impossible as long as you have a clear understanding of what to cover and expect. Owning your home as a single parent has many advantages and is a great opportunity to provide stability and security for yourself and your children. So go ahead and turn your dream home into an address!
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