Most West Valley City home buyers today are either single persons or couples, which can be explained by the reality that Millennials constitute the biggest proportion of the home buying industry. Nevertheless, today there are many single parents purchasing homes. The big distinction is that it is sometimes more hard for single parents to purchase a house because they have to depend on a single revenue to sustain a whole family. Don’t surrender if you’re one of them. If you remember these 5 tips for a single parent purchasing a home in West Valley City, it can be done.
1. Determine Must-Haves and Like-to-Haves
First, as a single parent buying a house in West Valley City, you need to distinguish crucially between what you need to have in a home and what you just want to have – what you need vs. what you want. Getting this evident early in the process can save you time as well as money.
A great way to start is by listing, for instance, the amount of bedrooms and bathrooms, square footage, fenced yard, kitchen size, local facilities, personality of the neighborhood, etc. Next, you can list the like-to-have characteristics that would be lovely but not necessary, such as a deck, in-ground pool, or intelligent characteristics. Your home hunting will be more efficient when you have these lists in hand and your bargaining leverage will be stronger.
2. Save for the Down Payment
Unless you can qualify for a no-down-payment mortgage such as a VA loan, you’ll have to make a down payment from 3% to 20% of the purchase cost anywhere. So as a single parent purchasing a house in West Valley City that has to depend on a single revenue, you will now have to start saving for the down payment. or earlier.
A great way to save down payment cash is to open a distinct savings account devoted exclusively to that purpose. That way, resisting the temptation to spend the cash when an emergency occurs or you come across that brilliant fresh product you believe you’ve got to have will be much easier. Also, consider using one of VARO’s fresh internet savings accounts that generate 2+% on your cash.
Then, once you’ve saved enough to cover a down payment, it’s time to begin house hunting in earnest . . . after you do one more thing.
3. Get Mortgage Pre-Approval
You should definitely be pre-approved for a mortgage as a single parent purchasing a house in West Valley City. And remember that pre-approval is distinct from pre-qualifying.
A lender has examined your credit report when you are pre-qualified and has decided that you can get a mortgage loan, but nothing is guaranteed. Pre-approved, on the other side, implies you have actually qualified for a certain quantity of mortgage, and the lender will actually grant you a loan for that sum (assuming, of course, that your economic condition is not changing in the meantime).
If you have a letter of pre-approval, sellers will see you as a serious buyer. It also implies that if you get down to brass tacks with the vendor, you will have more bargaining leverage.
4. Never Skip the Inspection
Then, do not skip the inspection when you have discovered a house that you are interested in and have made an offer. The house may look perfect, and the agent of the West Valley City home seller may assure you during the open house that nothing is wrong with it, but don’t leave it there. Pay for an inspection and walk the inspector through the house. Doing so can assist you after taking possession prevent expensive surprises.
5. Get Professional Help
Perhaps the most important tip for a single parent purchasing a home in West Valley City is to get professional assistance. For there will be a mountain of confusing, financially and legally technical documentation. Your skilled real estate agent can assist you navigate all of this, use their experiences in bargaining to get you a better deal and advise you along the manner.