Finding the perfect house for your growing family can be a daunting task. Whether you are a first-time homebuyer or are simply looking to upsize, you may feel pressured to settle for the first property you encounter. Getting informed before starting the house-hunting process is a great way to increase your odds of success. If you know what to look for when buying a house, how much money to put aside, and when to begin the process, you can save yourself a lot of trouble in the long run.
Choosing a Property for Your Family: The Basics
When choosing a property for your family, there are a lot of different factors to consider. One of the first things you should decide on is the size of the space you are looking to buy.
Depending on your budget, you may want to consider getting a bedroom for each of your children. While siblings can share rooms, your toddler may have trouble sleeping if they are sharing a room with an infant, and many kids yearn for their own private spaces by the time they hit their teen years.
Make sure to consider other size requirements based on your lifestyle. If you often have friends or family members staying over, you may want to invest in a guest bedroom. If you work from home, you may want to invest in a permanent home office.
Once you have decided upon a good size for your property, you may want to look into a child-friendly layout. Homes with open floor plans can make supervision easier for new parents, for example. You also might want to avoid properties with built-in hazards such as steep staircases or unfenced swimming pools.
Financing 101: Why Your Budget is Key
The next step to buying a house is making sure that you can afford it. When deciding on a budget for your purchase, you should consider both your current and future finances. If you and your partner are buying a house with the intention of starting a family, you should determine whether you expect to have one or two incomes after having kids and budget accordingly.
When considering the cost of your new home, it is important to take more than just the asking price into account. The size of your property can impact your monthly utility bills. A sizable bathtub will consume more water than a small one. Larger rooms will take more energy to warm up or cool down.
If you are an existing homeowner looking to sell your old home and upsize, you must determine how much money you will receive from the sale of your old property. Try and figure out how much of the equity on your old property can be applied towards the cost of the new one. This will allow you to better picture what sum you owe on your new property and whether or not that figure falls within your price range.
One of the easiest ways to finance a home responsibly is to get pre-approved for a mortgage. Having approval for a mortgage of a particular size gives you a solid price range to work with and makes you a more appealing buyer.
If you cannot immediately afford the mortgage of your dream home, don’t be afraid to wait a little longer. Straining your finances is never a good idea, and you can quickly become swallowed up by debt if you start missing payments.
Important Factors to Consider
Picking the perfect home goes beyond just looking at size and price. Here are a few other factors you may want to consider:
- Outdoor space. Having a fenced-off backyard can be a great way to let your kids explore the outdoors in a safe and controlled environment. Make sure the home you choose has enough outdoor space to meet your needs.
- Schools. When picking a home, you are also choosing the neighborhood around it. Look into the schools in your area. Do they meet your expectations?
- Recreation options. Consider the area around your house. How many parks, community centers, or convenience stores are within walking distance? This is an especially crucial consideration if you do not have your own vehicle.
- Financing options. If you are buying a home with your partner but are unmarried, you will need to decide on the best financing plan for you. You should determine if you will purchase the property as a sole ownership, a joint tenancy agreement, or a tenancy in common agreement. Working with financial or legal professionals can help you navigate this process.
- Asking for Help. Finding the perfect home for you and your family can be a challenging task to take on alone. Working with a professional mortgage broker can help you make a more informed decision and simplify the house-hunting process.
If you are looking for expert advice tailored to your personal goals, schedule a free consultation with a trusted Clover Mortgage broker today!