Purchasing your first home as a family is a thrilling endeavour, for it symbolises a new beginning and a new chapter. Nonetheless, finding the perfect home for your growing household can be a daunting and stressful activity.
It is not like when you were a young couple. Before, you could settle for the cheapest apartment. But with little children on the way, you need to consider other factors aside from affordability.
Among others, you need to factor in the location, the size of the house, your neighbourhood, and your financing options. Like any other major life decision, landing the perfect house is not a walk in the park.
Everything down to the minute detail must be planned out. Doing so not only will save you time, but it is proven to be cost-efficient as well. With that in mind, here are some tips for young families in buying the perfect home.
Pointers in Buying the Perfect House to Raise a Family
Mind Your Budget
Knowing how much you can truly afford is the most crucial step in buying the perfect home for your family. Always consider the future when planning out a budget.
If you plan to purchase a home before having a baby, you and your partner need to financially prepare if one has to stop working to take care of the baby.
Financial experts suggest that in creating a budget to finance your dream house, you need to follow the 28/36 Rule. According to this rule, your overall housing expense should not be more than 28 percent of your gross monthly income. As for your debt payment, it should not take up more than 36 percent.
Consider Your Financing Options
Another thing to consider before taking the plunge is your financing options to pay off your home purchase. Unless you have inherited a huge fortune, you need to figure out whether you will have to borrow from a bank or other lending institutions.
Scoring the best mortgage rate should also be on top of your priority. During this pandemic, mortgage rates are at its all-time low, making now the opportune time in purchasing a house.
Think About the Size
Kids need plenty of room to play and express themselves, but it does not necessarily mean you have to buy the largest house to accommodate this need.
Selecting a house with a spacious family area, be it a living room or a wide lawn, is enough. Although bedroom size and number are not that crucial, you need to consider your children’s privacy needs as they grow older.
Infants and toddlers would need a separate room, for they are prone to waking up at night, disturbing their other siblings’ sleep. Teenagers would also prefer to have a separate room to establish their own identity and maintain privacy.
Focus on Kid-Friendly Features
It is necessary as well to place importance on kid-friendly features in selecting your home. After all, your family deserves all the comfort and happiness the world has to offer. Apart from safety, take into consideration the health of your growing family.
Consider buying a house with a fenced yard and storage area. Furthermore, take into account the potential cost of baby-proofing your home. It should not be something that would put a dent in your bank account.
Spot the Perfect Location
Location is another crucial factor in helping you decide on purchasing the perfect home. Finding the right house might be an emotional roller coaster, but do not let your emotions dictate your home choice.
If you have kids on the way, consider a location close to school, public transportation, office, and other facilities and infrastructures. Real estate properties in suburban areas are great locations for starting a family.
The Suburban neighbourhood has a family-friendly vibe and offers a lot of convenient amenities for you and your family. Most suburban neighbourhoods in Australia are considered safe due to its low crime rate and friendly inhabitants.
Give Attention to Safety Issues
Aside from checking the neighbourhood, mind the interior of your new home for any safety concerns. Old houses often need to be updated on their wiring, appliances, and other home features to maintain a safe home environment.
Consider investing in smart home features as it not only makes monitoring your home easier, but it is cost and energy-efficient in the long run. Even as simple as replacing old light bulbs with LED or CFL bulbs could make a huge difference.
There are countless things to keep in mind when purchasing a family home. Nevertheless, the six-pointers above could help you in landing the perfect house for your budding family.
