Just because you are a single parent, doesn’t mean you can’t realize your dream of owning your own home. In fact, buying your own home is a great investment into your future and your children’s future. Rather than paying someone else’s rent, you’ll be investing in your family by building equity and value in your home. Once your kids are raised and gone, you’ll have money in the bank to support yourself in your retirement. But, how do you do it?
More than ever, singles are buying homes. Single mothers accounted for 20% of all home buyers in the U.S., according to statistics in 2010 and that number is growing. Because you may already be paying rent, paying a mortgage and other home expenses won’t cost you much more than you are already pay out each month.
Low income families
There are a number of programs in Hawaii that help low-income families buy a home. The County of Maui has a downpayment program, plus some other great programs that might get you into your first home. As well, you can check out organizations like:
- Hale Mahaolu
- Lokahi Pacific
- Maui Habitat for Humanity
These organizations offer first-time homebuyer assistance and other programs that will eventually get you into your first home with your kids.
Because you only have one income to support your family, budgeting is the key to ensuring you stay afloat when buying your first house. Buy a home that you can afford and that is even less than your budget so that you can also sock away some savings for when unforeseeable circumstances rear their head. Don’t forget to account for the tax benefits that you may get on your mortgage interest. But, also don’t forget paying for property taxes and home maintenance. You’ll also want to have contingency plan for if something large in the home needs repairs, like an appliance or a heating or cooling system.
Because you are only relying on one income, it is absolutely pertinent that you spend the money on a home inspection before you buy a home. As a single parent, you probably don’t have the time for renovations and you may not have the budget either. By getting a good idea of what repairs the home might need in the short term, you can better decide if the home is right for you or adjust your budget accordingly. For example, if the roof will need a change in the next few years, you can add the cost of that to your monthly budget to save for it for when the times comes to replace it.
Think about the future
While you are probably only thinking about your children right now as a single parent, you still want to think about your own future. Your kids will eventually move on and you’ll need to decide if where you are living will be right for you. As well, you may meet someone and want them to move in. Factor in the future when buying a home now and you’ll be happier later on.
Single parents can buy homes in Maui, with a little preparation and know-how.