Many women dream of meeting Prince Charming, starting a family and buying a home with a white picket fence. However, some single women are finding that it makes financial sense for the house to come first.
That was the case for Miko. The 41-year-old realized that she could get a tax break and start building wealth if she pursued the dream of homeownership while she was still single.
Coming to that decision was definitely not easy. In a world that romanticizes the notion of married couples buying their first home together, Miko admits that she had some fears about taking on such a financial commitment without a partner. But she refused to let fear stop her from thriving and moving forward in her life.
Once she decided to go for it, she had to learn what steps to take. She went online and researched HUD-approved home ownership development organizations, which led her to HomeFree-USA. At that point, she developed a plan, and HomeFree-USA guided her throughout the process, even helping her find a down payment assistance program, as well as a realtor that she felt comfortable with.
So how did she save for her portion of the down payment, as well as closing costs? It was all about planning and a little bit of sacrifice. Rather than blow her money at the mall or on expensive trips, she saved her tax refunds, her overtime pay and all of the financial gifts she received from relatives.
Today, Miko says homeownership has changed her life. Not only does she understand the importance of being financially responsible when it comes to maintaining her home, but she is on the road to wealth.
And that will serve her well no matter when Prince Charming arrives.