Parents in a blended family who live in an in-law’s home may suffer feelings of inadequacy, not being able to provide a home for their children, especially when the situation was intended to be temporary, but, due to the economy, has become more-permanent.
It’s important for parents to assess and to plan together to reach an important goal like affording their own home, which requires focus and accountability.
Assess
Parents who want to own their own home must assess their current situation. They should figure out whether they’re doing everything they can to spend less & reduce debt in order to be able to put money aside for a home of their own. Whether or not they decide to establish a more-formal budget, writing down a general assessment helps parents to visualize their income, spending habits, and debt.
Suze Orman offers free online tools to honestly assess debt and expenses, and TowneBank lists mortgage Q&A and offers online calculators.
Plan
After honestly assessing their current situation, parents should make a viable goal for the short-term future. Whether that “short-term” is defined as six months, or five years, parents must decide together what they are willing to live with in the meantime, and then make goals for which they will hold themselves and each other accountable.
Having an idea of the cost of properties they’re interested in can help parents set a realistic goal for savings. The Bank of Hampton Roads’ bank-owned properties listing offers a sampling of what's currently on the market in foreclosures.
Learning what information is required to apply for a traditional mortgage, which can depend upon such things as the length of employment and credit score, can provide parents with a time-frame for saving. The official channel for a free credit report is via annualcreditreport or by calling 877-322-8228. Staggering requests through the year helps parents keep closer track of their records and progress. Also, Monarch Bank offers a list of required documents for mortgage application.
As always, any plan not agreed-upon by both parties, or for which parents cannot find a reasonable compromise, can be a failure-in-the-making. It will only stress the relationship, as one party feels pestered and the other taken-advantage-of or undervalued.
Even for those parents who can’t see their way to owning a new home; it’s important to simply take the first step, assess spending habits and debt. When people have a realistic idea of their financial situation, they feel more confident and more in-control of their own lives.
Comments