When I bought my first home, I made a plan that seemed impossible to accomplish at first.
While house hunting, I dealt with:
- Lenders who had unrealistic expectations or were unwilling to provide positive financial guidance
- Realtors who didn’t know how to negotiate offers that included essential resources
- Sellers who made assumptions about my ability to purchase a home because of my single-mom status
But, making a detailed plan ultimately helped me overcome all of these challenges and become a homeowner.
My 3-Week Positive Home Buyer Plan
Buying your first home as a single mom can have its challenges and rewards.
I created a 3-Week Positive Home Buyer Plan that helped me focus on:
- what steps to take first
- where to find essential resources, and
- how to use a wishlist and follow a detailed checklist
What Steps to Take First
Week 1
The process of buying your first home may become overwhelming. But as a Bold Boss Mom, knowing what to do first can help ease some of the stress that comes along the way.
The first steps you should take in week 1 are to:
- Sign up for credit reporting
- Check your credit frequently
- Make a list of debts (if any)
Once you know your credit status, you have a better idea of your home-buying options. If you have any debts, it’s better to try to pay them down or off before you take the next step in your plan.
Where You Should Look for Essential Resources
Week 2
Use this week to look for resources to buy your first home. The good thing is that many states offer programs for first-time homeowners that include downpayment assistance as well as helping with closing costs.
Some essential resources I found helpful in my journey were:
- homeownership programs
- homebuyer classes
- an Individual Development Account (IDA)
The homeownership program I applied to helped me get better loan options when buying my home. I also attended first-time homebuyer classes that taught me a lot about this process. From those classes, I learned about an IDA and started a savings account. Whatever I saved was then matched which helped with my closing costs. Finding these resources was beneficial in my journey to buying a home as a single mom.
Use a WishList and Detailed Checklist
Week 3
In the last week, you want to make your wishlist and detailed checklist. Your home-buying wish list should include
- a price range,
- what kind of home you would want, and
- where you would like to live
When you create your detailed checklist you want to make sure you list:
- what you can afford (budget)
- your financial and real estate team
- realistic expectations and goals
For example, I included townhomes and high ceilings on my wish list. My hope was to avoid yard upkeep. I ended up buying a 2-story home with high ceilings. So, I didn’t get everything on my wishlist but was satisfied overall.
My detailed checklist included a team of experts, from my loan advisor to my realtor. All women, all black, and all rooting for me to get what I wanted. My lists were helpful in becoming a homeowner four months after starting my plan.
Control the Narrative
By following the 3-week plan, I knew which steps to take first. I found essential resources that helped me along this journey and made my wishes and dreams a reality.
Always remember that you deserve to live an amazing life where you control the narrative.
