As a single mom, it can be actually challenging for you to spare some time and focus on your financial future. With the added responsibilities of raising your children and all the other responsibilities that come with single parenting, finding the time to invest in real estate can be pretty challenging. But doing the same will provide a stable home for your family and can be an excellent way to secure your financial future.
With the right tips and tricks, single moms can successfully get a hold of the real estate market and build a secure financial future. So, let’s discuss some essential tips and tricks that you must remember as a single mom when investing in the realty market.
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Consult a Housing Counselor/Real Estate Agent
Consulting a housing counsellor or real estate agent is the first thing you must remember as a real estate investor. Talking to them can help you know in detail about the home-buying process, getting a mortgage or finding the housing programs you may be eligible for.
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Create a Budget
Before you start hunting for a home as an investment, it’s important to create a budget for yourself that includes all of your monthly expenses, such as taxes, mortgage payments, insurance, maintenance and utilities. This will help you figure out what sort of abode you can actually afford.
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Check for Local Assistance Programs
It will be best to always look for home-buying local assistance programs available to you in your city. Most municipalities help single-mother investors with down payments, closing costs, and mortgages. But you can only avail of these local programs if you meet the eligibility requirements.
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Shop Around
Every agent and lender is different and offers different mortgage products with different terms and conditions and at different rates. Therefore, shopping around and discovering the best deal that meets your needs is crucial. We suggest you consider at least three options to make a better decision.
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Research Neighbourhoods
Research all neighbourhoods you are considering and ensure they match perfectly with your lifestyle. Also, don’t forget to check out local crime rates and other important amenities to you and your children.
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Try to Negotiate
As a single mother investor, don’t hesitate to negotiate with your home seller and your real estate agent. You can bargain on the listing price or ask the home seller for a home warranty.
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Improvise Your Credit Score Before Investing
Last but not least, ensure you take steps to improve your credit score before buying a house. You can do so by paying some debts, removing errors from your credit report or settling any late accounts. It’s important to note that the better your credit score is, the more budget-friendly your house purchase will be.
see also – Things to Know Before Investing in Commercial Real Estate
Don’t Forget to Consider these Expert Advices
Expert Advice 1 – Geetika Trehan, CEO of Godrej Properties, has pointed out that the Indian residential real estate sector has seen consistent growth despite the COVID-19 pandemic, making it a wise investment for those looking for a secure option. Additionally, she mentioned that more and more women are recognising the true worth of owning a house and how it can help them achieve economic stability in future. Moreover, she believes that with the right strategies and taking advantage of the tax incentives offered by local and national governments, women (especially single moms) can lay the groundwork for a secure house, financial freedom, and a secure future for themselves and their children.
Expert Advice 2 – Sarthak Seth, Chief Sales and Marketing Officer and SVP of Tata Realty and Infrastructure, believes that real estate investments can provide single mothers with a sense of security and stability. According to him, having a tangible asset that has the potential to rise in value over time can give peace of mind to all the single mother investors out there.
Being a single mom real estate investor can be burdensome, but it can be made much easier with the right resources and mindset. Also, you must be aware of the legal aspects of real estate, and don’t ponder seeking professional advice whenever needed.
