Buying a home as a single parent might seem like a monumental decision. While you may think that it is a step that you are unsure of since you already have so many responsibilities, it can have numerous advantages. You are already providing a home for yourself and your children, so why not invest in something that you will eventually own.
One of the best things about buying a home is the chance to build equity. When renting, you are receiving nothing back for your money. Yes, you have a place to live, but buying allows you an investment that will continue to grow. Rent increases regularly, and if you can purchase a home with a fixed-rate mortgage, you will be paying the same amount until the home is paid off.
One of the things most homeowners say they value the most is the ability to do whatever they want to their home. If you want to paint the walls of your room your favorite color, you are free to do so. Most landlords do not want tenants to paint and if so, they want neutral colors. You can have a pet. Some rentals do not allow pets, or if they do, they charge an additional deposit. Your home is your castle, and you can change it however you please.
Of course, you will be responsible for making repairs as needed. However, most homeowners find this is not a problem. If it is something that you are not familiar with, there are options. Do you need to have a new ceiling light fixture installed? There are handyman services that are quite affordable that can help. Fuller’s Home & Hardware is an example of a company that handles home improvement hinsdale il.
Buying a home allows you to create a sense of permanency for you and your child. You will be a part of the community. This stability is important for children. It provides an opportunity to create friendships that can last a lifetime.