Did you know life changes are one of the primary reasons buyers start looking for a new home? It includes new and expecting parents. Adding another member to your family often means looking for a home that has space for everyone. Your one-bedroom condo may be perfect for the first few years, but it’s not practical for your growing family.
Deciding to upsize your home is a big step, and we have some tips to help ensure you get exactly what your family needs.
Know Your Budget
Your financial situation plays a primary role in your house hunting journey. It lets you know what you can afford in terms of mortgages.
New and expecting parents also want to consider the costs associated with raising children.
A good way to determine what you can afford is to make a list of your expenses. Don’t forget, a larger home will cost more to maintain. Utility bills like heating, cooling, and water will also be higher.
Look at the current property tax rate in the neighborhoods you’re interested in. You don’t want to get a surprisingly large tax bill at the end of the year.
It’s impossible to plan for all future financial expenses, especially when you have children or are expecting. Expenses like glasses and braces are always possibilities that aren’t always covered under some insurance plans.
Don’t forget about constantly replacing shoes and clothes. Your little one will continually outgrow these items, and the costs will quickly add up.
A good rule to follow is to keep your home costs around 28% or less of your gross income. Your debts like credit cards and mortgage payments, shouldn’t take up more than 36% of your monthly earnings.
You also want to factor in any equity you may have in a current home. It can go a long way towards reducing your monthly mortgage payments and interest rates.
Consider the Number of Bedrooms
While you don’t want to buy a large house you can’t afford, it’s also not a good idea to settle on a home that’s too small.
Pay attention to the number of bedrooms. Ideally, you want enough space for everyone to be comfortable.
You may be keeping the crib in your bedroom for the first few months, but eventually, you will want your baby to have a nursery. Parents planning on having one child will be fine in a two-bedroom home.
If you are expecting or planning on adding to your family, it’s a good idea to give each child their own room. Though, it will depend on your budget.
Planning now for your expanding family may mean you don’t have to repeat the house-hunting process in a few years.
Features and Amenities
Parents with or planning on having children will want to look for houses with a few specific features and amenities.
A good tip is to make a list of everything you want in a home, starting with what you can’t live without. The last few items on the list include the extra amenities that are nice to have like a dedicated space for your 3D projector.
Some must-have items often include plenty of storage for clothes and toys. A dedicated laundry room may be another necessity, along with a tub for bubble baths. Homes with an open floor plan encourage family time. You also want to check the home for any potential hazards. You can lock drawers and cabinets. Even electric outlets come with protective covers, but some hazards like outdated electrical wiring aren’t easy or inexpensive repairs.
Conclusion
Buying a new home for your growing family is an exciting time. It can also be a little overwhelming, which is why it makes sense to work with a licensed realtor.
Contact us today and let us help you find your dream family home.
.Real estate pro Brian Chandler of RE/MAX Alliance Group is a top producer and sales trainer located in the Parker, Colorado, area. Whether you’re buying or selling, team up with Brian today! 720.808.1007 What is it like Living In Parker Colorado? Read more articles like these Top Realtor Info Contact Brian Chandler