Tips on Buying a New House for a Single Parent | Kotak Mahindra Bank - Home Loan Stories

Life as a single parent can be very challenging. You have to manage your finances, meet deadlines, run the house effectively and fulfill the responsibilities towards your child. However, amidst all these, accomplishing your life goals, like buying a house could be a nightmare.

Buying a house could be a complex process due to the various aspects involved. When you are a single parent, you need to handle all of them alone. To make it easier for you, here are a few tips that can help you buy a new house as a single parent.

  • Identify your needs

The first step you need to do is to visualize the kind of house you want to buy. This would include factors like its layout (duplex, apartment, bungalow, etc.), the location, size of the house etc. You must have a clear idea of the house you are looking for as it can save a lot of time and effort. Also, you must have a budget for your house to further narrow down the search.
Pro tip - Start by making a list of ‘yes’ and ‘no’ for your dream house. List down things you want in your new house like a garden, open space, etc., in the ‘yes’ list and things, like a basement, non-grilled windows in the ‘no’ list.

  • Pick the location carefully

With the child, you must choose the location carefully. The location of your house should be safe and secure. However, it should also be close to social infrastructure like schools, parks, hospitals, railway stations, markets etc. Moreover, the neighbourhood should be safe and a little further away from highways and heavy traffic. Once you like an area, inquire about it from neighbours to find out if there are any persistent issues like electricity shortage, water shortage, etc. Before moving into any house, ensure to get it inspected to avoid any hassles in future.

  • Sort your finances

Buying a house is a huge commitment. It could be therefore, better to avail a housing loan to purchase your house and use your savings for other life needs. You must check your home loan eligibility before you apply for home loan. Moreover, you can check your affordability using a home loan EMI calculator.

Keep your documents handy

Right from your identity proofs to the NOCs, there are various documents that you need to furnish while purchasing a house. Without the appropriate documents, you might be unable to get approval for a home loan or get possession of the house. Therefore, ensure that you keep all the documents ready before proceeding with the home buying process. Inquire about the documents required and submit them on time for a smooth process.

  • Take assistance

You can consider taking some assistance from your friends and family who know the area well. You might have various responsibilities to fulfil, and so delegating work would help finish all errands effectively. You can also involve your child in the home buying process and take his/her views to ensure it is to their liking.

As a single parent, it could be overwhelming to start the process of buying a new house all by yourself. However, having an effective plan can help. With the right combination of expert’s assistance, precautions, planning and your child’s involvement, it would be a hassle-free process.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.