Step Two - Your Investment
Before moving forward, ask yourself...Is my family ready to make this commitment?
Purchasing a Habitat OC home is a big commitment.
Habitat OC homes are affordable partly because Habitat OC families help out.
If your family is selected to purchase a Habitat OC home, a volunteer will assist you through the process.
What do you have to do besides make payments?
Partnering with Habitat OC means you will agree to:
- Help build homes - See below for "Sweat equity" information.
- Attend classes - Learn how to be a successful homeowner. Subjects include, insurance, repairs, finances and more. Owning is a lot different than renting.
- Join an HOA - Home developments usually require homeowners join an association that maintains common areas such as a neighborhood park. There is a monthly fee. This association is referred to as an HOA.
- Attend events & be photographed - You will not be required to speak in public! You may be required to attend a framing day and dedication day. You may be asked to appear at other events. You will not have to go alone! Your family may be photographed, videotaped or recorded. If this is a hardship for your family, you can make arrangements to avoid it.
- Be a good neighbor - Habitat OC families work alongside their new neighbors and a lot of volunteers. You won't believe the people who are willing to give time and donations to make sure your family has a brighter future. All they ask is that you do the same for someone someday.
- Re-sell to Habitat OC - If you must sell your home, talk to Habitat OC first! You can't sell the home on the open market. Your equity will be determined by a formula based on your mortgage schedule.
- Ask questions - If you aren't sure about something, ask!
What is sweat equity?
Solving the problem of poverty housing takes hard work.
Families who purchase Habitat OC homes labor alongside volunteers from all over Orange County. They build together...sweat together...laugh together...even cry together. They become friends.
"Sweat equity" means a Habitat OC homeowner has invested time and labor, not just money, into building their community.
Each adult purchasing a Habitat OC home agrees to invest 250 hours of sweat equity. Usually, this means helping to build homes in the family's new neighborhood. It may also include working in other areas of Habitat OC like the office or Habitat OC ReStore.
Sweat equity helps:
- Create partnerships between Habitat OC families, volunteers and staff
- Families learn how to maintain their homes
- Homeowners become especially proud of their homes.
If physical labor is out of the question, there are plenty of other ways to complete sweat equity. Don't be discouraged!
Ready to take the next step? Then continue to....