Home Buying Tips For Single Parents

Real Estate consultant, Kerri Young talks to My Crew Magazine, about buying a home in today’s economy.

Q:? What would you say you say is the first thing we should be doing before we even have you show us home inventory?

A:? Home buying?is a very big decision for anyone to be making, regardless of being a single parent, single, or married.? I encourage my clients to really think through what payment amount? is going to be comfortable for them each month.?If the vacation, eating dinner out once a week, shopping for the Prada shoes is important in your lifestyle?then all that has to be factored in.? I tell people to work backwards from there to arrive at your payment comfort level.? Eventually from there we can?determine what selling price?we might be looking for in a house.?

There are some other things to consider in your monthly payment as well:
What are the yearly taxes on the home you are considering purchasing? What will be the homeowners insurance monthly payment?
Q:? Where do we begin?

?A:? The one great?plus?first time home buyers have is the $8,000 Tax Credit.??This?is huge for them.? Take advantage of this credit first and foremost.?

Some VIP things to research are:
What are the schools and school district?like in the area you are looking? Do they match your way of thinking?? Progressive? Do they have gifted programs, teacher-to-student ratio etc… Is it a safe area? You can find information on the internet about how many registered sex offenders live in the proximity of your desired area, and?within the?school boundaries. Talk with the?local police department about crime statistics in your area What are the closest daycare in this area? Are there parks and services nearby that fit into your families lifestyle?
Q:? Is it better to buy a townhouse or a condo first before buying a single family home?

A:? That decision really is based upon a families individual needs.? However, keep in mind that often single family homes do go up in value faster than a townhouse or condo.

If you are the soccer and ballet mom running from one end of town to the other after work and on weekends with your children’s practice and game schedules, ?the upkeep of a single family home can be really difficult?on your hectic time available.? Mowing the lawn, weeding, and the seasonal maintenance upkeep is important to consider, and it does take time.?

In a townhouse or condo, the maintenance is often done for you.?Remember that having?children in that environment has to be the right fit for the right family.? It may not offer play structures, or areas equipped for children let alone the square footage might make a family feel cramped in every day living.

Keep in mind some important advice:
When you do find a home or condo/townhouse you are interested in, ask to see a copy of the latest homeowner meeting?notes.? What you are looking for is what the last association dues were for the previous year, and if any future assessments are scheduled.??Perhaps in a?townhouse or condo community?for example,?there might be an assessment to replace 10-15 year old roofs throughout the complex for residents.? This could get pricey and tip you over your budget. Some homeowner associations do cover cable, water and sewage.? In most cases though, homeowner dues cover the upkeep of the common areas only, and occasionally security. Homeowner dues can set you back anywhere from $40 to $800 per month,.? Be sure to always ask.
Q:? Do you see things getting better in the economy right now?

A:?? You know I am hopeful.? I am showing more homes this month?than I have been in prior months.? Closings are another thing, we shall see.?

I think things will steady out eventually,?but not for another 1-2 years, in my opinion.? There is an adjustable rate program coming out?about that time?which should help folks refinance their high interest rates they landed themselves into.? It’s tough times now with money hard to qualify for.? Unfortunately, through this mortgage crisis we do see more damaged credit, and?that can be?a slow process bouncing back.? But, you can do it.? It takes patience and time.

Even so, this is a great time for single parents to buy their first home with the interest rates being so low around 4.5 to 5% as of late.? The $8,000 tax credit is just a huge boost for them.? People need to really take advantage?of these incentives.? They won’t last forever.

Q:? How can people get in touch with you?? If someone lives in New York and has a question, can they reach out to you?? Can you help them find a home?

A:? Yes, they can definitely reach out to me for questions, or finding their new?home.?

Buying a home is so exciting, but often I tell people to take the emotion out of it and really lay out?their options because this is such an important step.? I can help them?in these?areas.?

If someone lives in another part of the country other than the Seattle area, I belong to the National Association of Realtors which means I can reach out to any agent in the United States and talk with them about a future client I am recommending.?

Or if someone is relocating to an area I can help find the right agent that meets their needs.? I’ve helped as far away as Japan in finding referral resources.? It’s exciting to see people find their dream home.? I love being a part of that.

By: Kim Kelly