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How These Single Women Saved To Buy Their First Home
With the questions of down payments, closing costs, and how much home can you afford, it might seem daunting to step out of your comfort zone and purchase your first home. Especially as a single woman. But it is most definitely something that can be done.
In fact, I recently spoke with four amazing women oozing with all kinds of black girl magic who can testify to this. What I learned from them is that the path to ownership can take quite a few steps and sacrifices to get there, but ultimately, the first step is actually making the decision to own and shifting your mindset.
Changing Your Home Buying Mindset
Cierra Craig, a 31-year-old traffic officer from Washington, DC. Craig purchased a new 3-bedroom, 4-bathroom single family home at the age of 30 and doesn't regret it one bit. "A lot of people believe that you have to have all of this money to get started...and it prevents them from even looking into it because they feel like they aren't in a position to own anything," she shared.
Long gone are the days where women are waiting around for "the one" to come along and sweep them off of their feet, get married, and purchase a home with their spouse. Nah. More and more women are going out there and making their goal of being a homeowner happen all by themselves!
Kiara Arnold, a 29-year-old IT auditor from Charlotte, NC who purchased her 3-bedroom, 2.5-bathroom single family home at the young age of 25, explained how she didn't see any representation of someone young and single owning a home in her family. She knew that she had to do something to break the cycle. "It's important to challenge that belief that you have to wait until a partner comes along," she revealed.
"You don't have to be married to take ownership of something."
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Prioritize Saving & Prep for Sacrifices
The next most important thing to do once your head is in the game and you're ready to move forward is save, save, save (and make some sacrifices)!
It took Kimaada Sills, a 30-year-old adjunct professor in Essex County, NJ four years to save $30,000. "I just lived at home with my family right after grad school to save up money for my down payment. While all of my other friends were moving out and getting apartments, I didn't have the opportunity to do that and still meet my savings goals," Sills said.
The sacrifice that was made afforded her a much greater opportunity instead. She was able to purchase a multi-family home at the age of 28. Arnold took two years to save $15,000 and moved back in with her parents to make it happen. Craig said she saved anywhere between $10,000-$15,000 over the course of two years because she was unsure of how much she was going to have to put down on her home. She actually ended up not having to put anything down and just paid for the home inspection. Phylicia Franklin, a 28-year-old dwelling in Atlanta and working in recruitment, recently purchased her first single family townhome and saved about $5,000-$6,000 in a span of six months.
Franklin made the sacrifice of picking up a second job temporarily to bring in some more cash for towards her down payment. "I think that was the most stressful thing (through homeownership process), trying to balance two jobs," Franklin expressed.
She also gave up her apartment and moved in with a friend for 6 months to make her savings goal happen. Everyone's savings goal and sacrifices that need to be made are going to be different. That's why it's important to do what makes sense for you on the journey of homeownership. "You gotta do what you gotta do and believe in," Craig advised.
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Be Honest About What You Can Afford & Do Your Research
All four women also stressed the importance of knowing what your budget is and being honest with yourself about what you can afford. "I think that we get so caught up in looking at our dream home, and then when we see what we can actually afford, we get discouraged. We feel like we should have what we deserve, which we should, but we all have to start where we are at. Just because it might be your first house, dont mean it's going to be your last," Craig added. "We feel like we should have what we deserve, but we all have to start where we are at."
Her advice is to see what you get approved for prior to actually looking for a home so that you don't get your hopes up. Arnold recommends looking into starter neighborhoods in your area for homes that aren't as expensive when looking to purchase for the first time.
Three out of the four women utilized first time home buyers programs to make their dreams a reality. There are a ton of resources out there for people looking into homeownership and even help with covering some of the costs. Because of the HPAP program Craig utilized in DC, she wasn't required to pay a down payment. For 10 months, Sills worked with a first time home buyer program that allowed her to get an interest rate much lower than the market rate.
"I went to a number of workshops. I spoke to any and everyone who owns a home, about 10 different banks, and just processed the information," Sills shared.
Franklin was able to get $1,000 towards her closing costs through her lender and an additional $2,000 through her builder. Unfortunately, a lot of time, people are unaware of the resources that are out there. That's why it's super imperative to do extensive research in order to discover the gems in your area.
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Lessons Learned Through First Time Home Buying
With all of these nuggets that were being shared, I just had to know if these women would've done anything differently throughout the process. It was interesting to hear about the lessons that they learned along the way and the advice that they'd give someone who is looking into buying their first home.
"I wouldn't do anything differently...I really feel like the journey and the process that I went through or that anyone goes through is for them," Craig said.
Sills wouldn't have done anything differently either. She stated, "I had years before to prep before I started looking. I was well prepared for it."
Arnold explained how she put 5% down on her home and that if she could do it all over again, she would've put at least 20% down. She also pointed out the importance of thinking about things that rarely get taken into account when looking into a home. "I would make sure that my house is not on a hill, that it's not elevated because you may incur different expenses depending on where how your house is positioned," she continued.
Arnold also warned to think about maintaining the lawn and how the sun rises and sets on it as it can burn the grass. Because of these things, she has to make sure she budgets money for lawn maintenance. Franklin stated that she would have sought advice from homeowners about their experiences and other educational programs in her area. "I went through the process pretty much by myself and it was trial and error for me. There were so many things (resources) available that would have just answered all of my questions prior to me going into the process," Franklin shared.
She also discussed how she didn't realize how important credit was: "Your credit is everything. It basically affects what your interest rate is going to look like and whether you get a 15-year loan or a 30-year loan."
If you're looking into purchasing your first home, remember that patience is a virtue. It's not an overnight process that you can just rush. Take the proper time to get your mind right and educate yourself, research programs in your area, get your credit and savings up, and search for properties within your budget. Don't put too much pressure on yourself as the process is already a lot on its own!
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Featured image by Shutterstock
Originally published September 29, 2018
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- Top Tips For First-Time Homebuyers | Bankrate.com ›
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- First-Time Home Buying Guide: Everything You Need To Know ›
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Kristin Sutton (aka the Money Therapist) is a personal finance and lifestyle blogger/coach over at DebtFreeBlackGirl.com that empowers young women to take control of their finances by changing the way they think about money. As a licensed therapist, her daily mission is to uncover and eliminate the mental roadblocks that hinder people from living the life of their dreams. You can find her on all things social: @DebtFreeBlkGrl
This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
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Mariee Revere On Her History-Making Million-Dollar Sales And The Future Of MoonXCosmetics
If the name Mariee Revere sounds familiar, it's probably because you heard of her beauty and skincare brand, MoonXCosmetics, or you may have heard about her history-making achievement of making $1.8 million in less than eight minutes. But before starting her million-dollar brand, Mariee was just a teenager trying to cure her acne.
While she grew up in the skincare capital of the world, South Korea, Mariee didn't really experience breakouts until her senior year of high school. Like many people who get their first breakout, she didn't know what to do, and there weren't many products out there at that time. So she decided to experiment. What she didn't know was that what she came up with would ultimately be her ticket to success.
"When I graduated high school, I moved back to America, Georgia, and I ended up making, like, the oil, the Rose Galore oil, which is like the staple product of my brand. I don't know what made me make it, but I did, and it literally cleared my face up," she tells xoNecole in an exclusive interview.
"I end up selling it as a body oil first because, obviously, I'm 17, [and] don't have any background as an esthetician or anything like that. I just made a product that worked for me, but people bought it and was using it, and I reformulated it, and then it just stuck like with me."
While MoonXCosmetics is known for its facial products, it wants to expand to body care and home. It just released its new product, Moon-Gel body wash, and it's only up from there. As Mariee continues to grow the brand, it's more than likely that she will see more history-making moments. And so far she has.
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When asked if she feels pressure to obtain more of those milestones, she says yes and no. "I did $1.8 [million] again, and then I did $2 million but I feel like now, currently, I don't look at that as one of my goals anymore because [of] the headache and just everything that came with it, but I was thankful and blessed to have that milestone, but now I'm looking for more," she says.
"I want to say more reach than more like fast-paced sales. I do want that. Obviously, every girl wants that, but I do want to have a better overall reach for my brand because I did take two years off so I was able to learn, [and] study a lot of different things. See how things have changed from 2020 to now."
"I did $1.8 [million] again, and then I did $2 million but I feel like now, currently, I don't look at that as one of my goals anymore because [of] the headache and just everything that came with it, but I was thankful and blessed to have that milestone, but now I'm looking for more."
Another part of expanding for any company is hiring people. Finding the right person to help you can be a hassle, especially for business owners who are used to doing all the work themselves. Mariee can relate to this, and she touched on this topic in her documentaryThe Million Dollar Story. She recommends having someone be your "right-hand man" who you trust to handle the ins and outs of the company.
"I could say, definitely get, like a right-hand man to help you within the process because that really was what helped me. I never had a job. I literally was 18 now, being like, you know, the boss of over 30+ employees at one point in time, and I didn't know anything. I didn't know anything about no W-2s, no taxes, no clock in, clock out because all I [have] ever known was my brand," she explains.
"So I definitely partner with people who are very skewed and versed in those areas, and they helped me get through it. Even to this day, I still have my same person helping me with hiring, firing, [and] doing everything that I can right now because I'm still learning. But obviously people get jobs young, so they have way more experience than me, but still learning."
And though she is still learning, one thing she makes sure to stay on top of is being consistent. Consistency is what trips many people up when it comes to achieving goals, but Mariee says it's all about scheduling. Whether it's when to post on social media or email marketing, scheduling it out can make a world of difference. That same practice also works when planning out her future goals for the company.
"Right now, future goals would be to drop at least five more products before the end of the year. We always do outreach, where we do drives and all that, but definitely do way more this year, she says. "Then really dive into body [care], and then hopefully open up MoonXBody underneath MoonXCosmetics to let that branch out and be open and definitely get back consistent."
For more information, visit moonxco.com.
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