Buying a home is a huge investment. But, when purchasing a family home, the pressure to get it right is even greater.
People consider a few general things when buying a house, like its size, location, and affordability. But when purchasing a family home, there’s much more to consider. Instead of only considering your preferences, you must consider your family’s needs.
But that is not it. You also have to think about the long-term implications of your purchase. This includes evaluating the potential for the home’s value to grow, understanding the property’s maintenance requirements, and considering how your family might evolve over the years.
This article shares what to look for when purchasing a family home. We’ll cover everything from budgeting to finding the ideal location and considering the property size.
Before you even start looking at houses, it’s crucial to have a clear understanding of your budget. This isn’t just about how much you can borrow but also about how much you should borrow, considering your overall financial health and plans.
Start by reviewing your savings, income, and current expenses. Remember, owning a home comes with additional costs beyond the mortgage, including property taxes, insurance, maintenance, and unexpected repairs.
We recommend following the 28/36 rule, which suggests that no more than 28% of your monthly income should be spent on housing expenses, like rent, and no more than 36% towards debt payments, like car loans and credit cards.
Also, consider getting pre-approved for a mortgage to know the mortgage plans available, the range of mortgage rates, and how much you can afford.
When buying your first family home, one of the most important decisions you will make is choosing the right real estate agent.
Real estate agents have an in-depth understanding of the housing market, including current pricing trends, the best neighborhoods for families, and the availability of homes that meet your needs.
The process of buying a home involves a significant amount of paperwork, from the initial offer to the final closing documents. Your agent will handle this on your behalf, ensuring everything is in order and you understand all the terms and conditions.
Additionally, they will negotiate the purchase price and other terms with the seller, leveraging their expertise to get you the best possible deal.
You can also do your search on real estate platforms like Tomo, which allows you to explore listings to gain a broader understanding of the market and compare prices.
Finding the ideal location for your new home is crucial. No matter how affordable a property is, it’s not a good deal if it’s not near grocery stores, pharmacies, and hospitals.
In addition to these essentials, consider the distance to your workplace and your children’s schools to save time on daily commutes and reduce transportation costs.
Another thing to think about is access to parks. The perfect family home is in a family-friendly neighborhood. This means choosing a location that ticks all these boxes.
Getting the space right in a family house is essential. For this, think about how you want to use the space. Do you want a bigger kitchen where your family can cook meals and spend quality time? Or do you want a playroom where your kids can spend their evenings?
Buying a house is a considerable investment. So, even if you don’t think you need much space right now, it’s good to consider if the property has the potential to be extended in the future. Keep in mind that a bigger space also means more property value.
When viewing properties, ask owners about the property’s age. Remember that most owners don’t disclose any defects in their property. Therefore, we recommend getting the house inspected.
Evaluate the condition of the house. Inspect the property for mold, leaky faucets, exposed wires, cracks in the walls, overflowing gutters, etc.
A home inspection can uncover life-threatening problems, making it a critical step in purchasing a home.
Even if you’re considering buying a freshly constructed home, a home inspection is crucial to ensure your family’s safety. It also helps determine the additional money you’ll have to spend to get the issues fixed. This way, you can decide if you have the time or money to do so and not deal with surprises later.
Does the property you’re considering have an outdoor area where kids can play? A small deck won’t cut it. So, consider a property with enough space to design a backyard garden or a tree house.
New developments don’t have bigger backyards. You must consider a little older neighborhood or properties with properly fenced front yards. If you’re considering a property with a front yard, ensure the area is visible from within the house. This is important to ensure your kid’s safety.
People have different priorities when buying a property. Some care about the location, while others pay attention to the amenities. But the home-hunting process gets more complicated when buying a family home.
Here are six things to consider when buying a family home:
- Be clear about what you can afford, considering all potential homeownership costs to avoid financial strain.
- Work with a real estate agent who understands your specific family needs and has the expertise to navigate the market and negotiate effectively on your behalf.
- Choose a safe, family-friendly neighborhood, that’s also near pharmacies, hospitals, grocery stores, and parks.
- Consider a property that has enough space to be extended in the future.
- Evaluate the house’s condition and check for mold, leaky faucets, overflowing gutters, etc.
- Look for a property with ample outdoor space to design a play area.