For many low-income families, homeownership may never be more than a dream. That is why the National Endowment for Financial Education partnered with Habitat for Humanity to create the Habitat for Humanity Homeowners Handbook.
“There are many benefits to owning a home,” said Brent Neiser, CFP®, director of Collaborative Programs at NEFE. “Most importantly, it serves as a solid financial building block for individuals, especially those with few or no assets, who are trying to develop a better financial future.
“Unfortunately, the dream of owning a home can quickly turn into a nightmare if the homeowner has failed to prepare for the costs and responsibilities that accompany homeownership,” he added.
The 52-page booklet helps guide first-time Habitat homeowners through the costs and responsibilities associated with homeownership. Nearly every aspect of owning a home is covered, including home care and repair, community responsibility, and home economics. Habitat homeowners also can learn how to create a spending plan, identify spending leaks, and find out how to safeguard their home, control debt, and save money.
“We feel we have a responsibility to help Habitat homeowners learn how to take care of their homes, both financially and physically,” said Howard Borck of Habitat for Humanity, who helped facilitate the collaboration.
“We don’t want to see a sad situation in which a family can’t make their house payments because they don’t have basic money management skills or have fallen prey to predatory lending practices,” Borck added.
Initially, 55,000 copies of the booklet were printed and distributed through Habitat for Humanity’s regional centers. To add to the success of the collaboration, Neiser said NEFE is working with Habitat for Humanity on two new projects geared toward preparing people for homeownership.
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