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Every parent dreams to get onto the property ladder and build a stable, comfortable home for their family. However, in the years after covid, particularly for single parents with a single source of income, homeownership is a dream which is becoming incredibly difficult for people with children to satisfy. Climbing the property ladder may now well seem like an impossible challenge while parenting, and the added financial pressures of owning a home may mean that getting a mortgage is, at the moment, financially impossible. 

Even if this is so, consider reading on. The housing market always falls and rises, so even if you can’t afford a place of your own, it is worth learning how to get on the property ladder in the event that the market becomes more favorable for new buyers. Although, even now, in this housing crisis, there are still ways for parents to navigate the road to homeownership successfully. 

1. Make an In-Depth Financial Plan

It is essential to have an in-depth knowledge of your financial options when buying a home. Though it may sometimes feel as if you’re on your own, in reality, there are actually quite a lot of schemes out there to help you out. Just remember to take your time making a decision, purchasing property is a long winded process. Investigate everything you can, and scrutinize every piece of information you are given. 

With life-changing decisions such as these, especially with parental responsibilities added on top of them, you can never be over-prepared. When it comes to financing a property purchase, there are several factors to consider:

Saving Up For A Down Payment

Down payments are often the first and biggest hurdle when purchasing your first home. The average down payment in America equates to around 6% of the loan you decide to take out. However, this figure varies with the type of loan you withdraw and the state you are looking to buy in. 

Saving up for a downpayment, while financially supporting children is a daunting task. Some strategies to get you over the line include:

• Setting clear goals: Research a ballpark figure of a down payment in your area to give yourself something to aim towards. Create a timeline or break down the target into smaller milestones to make saving more manageable. 
• Creating a budget: Pay close attention to and scrutinize your spending to identify areas where you can cut back. Create a realistic budget, which allows for saving and good quality of life for you and your family. If you are too harsh on yourself, your savings will likely fail.
• Reducing debt: Get rid of those high-interest debts to free up money for saving. It is vital to get rid of credit card debts in particular. 
• Explore government assistance programs: Research local or nationwide schemes that assist first-time buyers. You may even find a system that provides down payment grants or reduced mortgage interest rates. 

It is worth knowing that there is no set rate for down payments when buying property and no set way to save up to afford them. Get creative with your funds if you need to. There are plenty of unusual ways to come up with a home down payment. 

After You Have Bought Your Home

After you have purchased a property, long term planning will go a long way if you decide to downsize, upsize or invest in a renovation. Remember that, as a parent, the needs of both yourself and your kids will constantly evolve, so make sure your budget is flexible enough to adapt to these changes.

Always remember to put money away for a rainy day, to safeguard yourself from any new financial setbacks which arise with home ownership. By doing this you’ll create a safety net, which will, for example, pay for unexpected repairs or prevent you from falling into debt if your income lowers. 

It is also worth considering ways in which you can build equity. Be sure to regularly review your mortgage payments and, if possible, make additional payments to build equity faster. Doing so will help you secure better terms and deals in the future. 

2. Choose The Right Property

When you find the right house after waiting so long, it is common to rush the purchasing process due to stress. Try to fight your anticipation and maintain a level head when viewing houses if you want to buy the perfect home. 

• Determine what you need: Make a list of your family’s specific requirements, including but not limited to the number of bedrooms you need and the property’s proximity to schools. 

• Affordability: Set a realistic budget and stick to it—factor in additional costs such as bills, maintenance, and property tax for the best results.

• Location: Look for areas close to multiple schools and lower crime rates. Unfortunately, however, the case may be that you cannot afford a house in your desired location.

• Consult professionals: An experienced real estate agent can guide you through negotiations and paperwork, whereas Family Law Attorney Ben Carrasco can explain the nuances of ownership and alimony payments. 

When searching for a property, be as meticulous as possible to get hold of one that will serve your family for years to come. 

3. Negotiate Wisely 

Once you have selected the property you wish to buy, remember there are plenty of ways in which you can attempt to lower the selling price. Two of the easiest ways to do so are by working with a qualified inspector to investigate structural damage and researching comparable sales.

You are making the investment of a lifetime in buying your first property, so make sure you get the best possible price. 

Final Thoughts

Homeownership is something nearly all parents dream of. Though in the current housing market, with almost everyone struggling worldwide, homeownership may seem like an impossibility, with perseverance and time, you will be able to get yourself on the property ladder.

On a side note, if you are a parent who already owns their own home and is looking to move, here are 4 tips to prepare your child for a move. 

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