Should a single mom buy a home?
I have been a single mom since 2002 and spent the last 15 years raising two boys into men. I was with my ex-husband for 16 years total. We bought our first house together and at the time of our divorce we owned two homes. As a result of our divorce, both houses were sold at a loss. While married, my then husband did not want me working or going to school, but instead, he wanted me to stay at home raising our children. After the divorce, I found myself with very little- no work experience and no degree. I ended up working 2 jobs and going to college part-time to earn a degree with 2 kids in tow. I had no money to even think about buying a house and had no real estate knowledge at all at that time. I ended up renting in places that I could barely afford. I felt the frustrations of hardship, making lone decisions and wondering if I could I ever buy a house on my own?
The answer to my question is YES! I bought my first home on my own as a single mom in 2010, and it was a very big deal to me to be a homeowner. It’s a great feeling.
I felt very accomplished, proud, felt like I had made an investment and was not throwing my money away in rent anymore. I also had a 3/2 house with space and a yard, rather than a small 2/1 apartment and my mortgage payment with taxes and Insurance was less than I was paying a month in rent.
I am a true believer in home ownership and wanting to help people, thus the reason I obtained a real estate license. For the most part, buying a home is the biggest investment one will make. I have helped many single moms over the years go from renting to purchasing homes when they thought they could not. They all believed they needed a lot of money to buy a house. I have helped put single moms into their homes with very little to no money down at all. There are many different programs/loans available and ways to get most of the costs paid for.
Decades ago, a single mom or a single woman would not have been able to purchase a home on their own. Last year, single female homeowners made up 18% of home buyers and sellers. If you are uncertain if you can buy a home, the first step is talking to a bank or mortgage broker and filling them in on your story so that they can advise and help you get started. You would be surprised on what is available today to help you. The market is wide open for you.
If you are a single mom with a strong desire to be independent, have a strong desire to own your own home, want more space and want to make an investment in your future call a realtor to help guide you through the process. Here in Marion County the price points of homes are still low enough and the interest rates are still low enough to make it a perfect time for single moms to purchase a home.