Single parents can be highly commended for their capacity to single-handedly manage the financial burdens of raising their children. Admittedly, it’s not that easy to buy your own home if there’s only one breadwinner in the family. If you’re one of these very persevering individuals who dream of purchasing a home to provide for their kids’ comfort, here are some pointers that can make your plans possible:
Grit and Grind
There are many considerations and requirements needed to own a home. You need to be financially ready for mortgage payments, taxes, repair fees, and maintenance costs while still managing to make your daily domestic budget for food, transportation, clothing and utilities fit your salary. Consider finding other means of earning such as a part-time job or a small business so that you can add to your monthly pay. You can also put double effort into your work so that you can get a promotion and a raise.
Grow Your Savings
In order to have your home loan approved by your preferred mortgage company in Seattle, you’ll need to have savings and an above-average credit score. Other than opening up a bank account and settling debts, you’ll also need to reduce your household expenditures. Start with buying food and groceries in bulk. Prepare packed lunches so that you don’t need to eat out. Earn from your unwanted belongings by holding a garage sale. Reduce your leisure expenditures. Use LED lights and water-saving taps. Teach your kids to conserve water and electricity. Research on how you can grow your own vegetables, herbs, or fruits if you have a yard. Remember that every little amount you save matters.
Time is precious for breadwinners, and the one basic but necessary task that eats up any single parent’s time is household chores. Fix up your daily schedules to fit in short but regular cleaning so that you won’t need to reserve a whole day for it. Start teaching your children simple household chores and assign regular tasks for tidying up the house. This can be as simple as clearing and cleaning the dinner table, loading and unloading the washing machine or dishwasher, and fixing up their rooms. If you need to work at home, invite your children to do their homework beside you so that you can also spend time with them while working.
Buyer’s remorse is never a good thing, especially when it involves homeownership. When viewing homes, check for possible repair and maintenance issues. Consider a house’s location since transportation also incurs expenditures. Decide on how big a home you really need because a large house usually incurs bigger utility bills. What mortgage plan would best fit your present financial capacity? Is the property you plan to purchase within your means? Would you still have enough left in your family’s budget for your daily needs? As a rule, make sure that you have every base covered before you sign on the dotted line.
Most parents dream of providing a nice and comfortable home for their kids. Admittedly, it’s not that easy to achieve, especially if there is only one breadwinner in the family. However, with the right discipline and decision-making, you’ll be able to purchase a home while managing your finances and domestic needs. Just remember to always be persevering, hardworking, and determined for your children’s sake.