It goes without saying that buying a home is a crucial decision that one takes. While being a single mother is no sign of weakness yet, one cannot deny the immense amount of responsibility that comes with being a single mother. So, whether you are a single mother who is thinking of buying a home or your friend, we decided to come up with some tips and tricks that could come handy to buy a home.
- Budgeting: Each one of us perhaps dreams of a big mansion but then our budget is our foot on reality. While the idea of buying a huge home is tantalizing one must not forget the budget. A careful calculation of the amount you can churn out an investment in the house would help in laying down the budget. Once your budget is finalized you can then move ahead and explore the best possible option within the stipulated budget.
- Size of the house: Once you decide the budget, the next thing you need to choose is the kind of house, i.e. an apartment in a high rise, a villa or row house to suit your requirement. Equally important is to consider the house size. Looking at the current scenario perhaps, a small home which consists of a 1BHK is suitable for you but, that doesn’t have to be the case always.
- Safety matters: since you are probably going to be lone with your son or daughter, ideally safety should be your first cause of concern. We are not saying that you are weak but rather that you need to be a little more careful than everyone else. Check if the apartment has CCTV cameras installed and ask what are the safety measures that are taken care of.
- Resale benefit: Buying a home is a long-term investment. In the future, you may wish to sell the house as you move to another city for better career prospects or for a bigger house. So, analyze the rate of return you can get from the property. Take an idea from the past, present and expected appreciation rate before you make this big investment.
- Research well: Right from legal obligations of the home to its neighborhood. Get your research done right. After deciding the budget and house type, you should start researching for your house. While exploring the property, you should also try to gather information about the neighborhood. In course of your research, you should also take the RERA registration number of the property you wish to buy and get all the details from the RERA website. This way you can be sure when buying a house.
- Infrastructure: At times we forget to focus on the infrastructure part of the home. Check out the amenities you are getting at the house. Ask if the water flow is 24×7, check how far school and hospital is. These basic things are often overlooked only to cause distress later on.
These were the few tips to consider if you are planning to buy a home as a single mother. These basic tips will help you get it right.