There are several things you need to do when you buy a house, but when you’re a single parent there may be more or different steps you have to complete. It’s very important that you take good care of yourself and your children during the home buying process, since it can be stressful. That’s especially true if you’re moving to a location far away, as long distance moves often take a bigger toll than local moves. Consider these 10 steps to buy a house as a single parent, so you can get the right place for your needs and your children.
1). How’s your credit?
Whether you’re single or married, and whether or not you have children, your credit is a big part of whether you can buy a house or not. If you have credit problems you could get denied for a loan, so it’s important that you do what you can to correct your credit issues. You also want to get a copy of your report to ensure there aren’t mistakes on it that are costing you credit score points. If you’ve been through a divorce, that can sometimes stick you with bills that you didn’t expect and can have trouble paying. Knowing what your credit report holds can help you be prepared.
2). Have you gotten a preapproval?
A preapproval is the best way to have an idea of how much you can spend on a home. Your lender will take a look at your income and your credit, and give you a letter stating what you can borrow. That doesn’t guarantee that you’ll get a mortgage for that amount, though. If your circumstances change or there are other issues you didn’t disclose about your finances, your mortgage loan could get denied. Still, a preapproval gives you a good starting place. It also shows your real estate agent and the seller of the house that you’re serious about buying a home and can likely do so.
3). Are houses in your price range right for kids?
Once you know how much you’re preapproved for, you can focus on finding a house you want to buy. Depending on your location, the price of a house that’s affordable to you may or may not be right for kids. That can depend on whether you’re in the city or somewhere more rural, how many children you have, and the overall home prices in your local area. You should carefully consider everything involved in your purchase and your family’s dynamics before you decide on a home.
4). How much space do you need?
The size of the house may be very important to you. Especially if you have several children who aren’t extremely close in age, they may each need their own rooms. They’ll also want a place to play, and some outdoor space. Depending on your budget and other requirements, you may find plenty of room or need to downsize a little bit but still find a way to make the space work for your family.
5). Have you checked out the neighborhood?
In some cases, the neighborhood can be more significant than the house itself. When you have children you wan them to be as safe as possible. A good neighborhood can help protect them from harm. It may also help them make friends, because there will be other children there they can play with. Be sure you know the neighborhood before buying a house.
6). What’s the school district like?
Just like the neighborhood, the school district also matters when you’re purchasing a home. If you have children who are school aged or who will be school aged in the future, and they aren’t homeschooled, you’ll want to make sure the school district you buy in is a good one. Doing your research on the school your children will attend is vital to helping them get a good education and start in life.
7). Are there location restrictions on your parenting?
In some divorce decrees or parenting plans, there are requirements and restrictions detailing where you can live and how far away you can move with the children. With that in mind, make sure you read any court paperwork carefully to ensure that you’re not violating a court order by choosing your new house. Then you’ll have peace of mind, as well as a great new place to live.
8). Did you have a home inspection done?
You should definitely get a home inspection when you buy a home. That becomes more important when you’re a single parent, because you need a good, safe house for your children. By getting a home inspection, you can feel better about the house and its systems, and you’ll also know what you’ll need to get fixed after you get moved in.
9). Can you count child support or alimony in your income?
If you’re planning on buying a house and you have child support or alimony coming in, you can often count that toward your income. You do have to have a court order for it, though, and you’ll need to have it still coming in for a set number of years. If it’s ending in the next few months, it’s not realistic for your lender to allow you to use it as income for a mortgage.
10). Are you still obligated on past debts?
If you have past debts from a divorce or long-term partnership, you may not be able to get a home until those are paid off. It all depends on your income and the level of debt you have. If that’s the case, concentrate on getting those paid, so you can work with a lender to get into a great home you can enjoy with your children for a long time to come.
2 Point Highlight
It’s very important that you take good care of yourself and your children during the home buying process, since it can be stressful.
Doing your research on the school your children will attend is vital to helping them get a good education and start in life.
