Buying a house with only one person’s income, when you have the responsibility of a child on you can be tough. Whether it is single dads or single moms, buying a new home when you have so much else to think about can be a challenging prospect, and one about which you must go slowly and carefully.
Without proper budgeting, evaluation of your savings and your future spending approximation, you mustn’t go house hunting. If you are confused about buying a home as a single parent, then you can go through the following given tips and suggestions:
Set a Budget
Before even considering buying a new home as a single parent, you must set apart a budget for the house. This will involve a series of considerations such as figuring out your savings, setting aside enough for college education and wellbeing of your child, setting aside other expenses etc. Once you have done this, you might be able to come up with a figure that you could spend on buying a house.
Look for a House with Sufficient Rooms and Space
Since it is you and your child who is going to live in the house, you must look for one which is neither short of space nor has too much of extra space in it. Look for a 2 or maximum 3 bedroom house with a kitchen, atleast 2 baths, a living area and a few other spaces as per your liking or requirement. If you buy too big a house, you might not be able to justify its worth.
Keep in Mind your and your Child’s Future Requirements
If you are planning to buy a house and live in it for a long term, then you must take into consideration not just the requirement of today but also the future requirements. Your child will grow up one day and may need his/her own space. Do not be too casual when you visit properties and inspect them.
Look for a Decent Location
Since it is not just you who is going to live in the house, search for a child friendly location and decent neighborhood. The place we live in defines our personalities and hence you must make sure that you do not choose a violent neighborhood with a bad reputation. You might have to pay a little extra for a good location, but that should be worth it.