As your family grows, it’s important to create an environment that’s conducive to creating lasting experiences and memories. That’s why you should ensure your family has a comfortable and spacious place to live.
If you’re part of a beginning family, you’ll need to consider which type of home will work best for you. Here are some things to think about:
Cost
Buying a home is a massive investment that’ll require upfront costs. You’ll need to consider whether you have enough to cover the down payment, closing costs and more. Sure, it’s possible to negotiate a portion of the fees with your agent’s help; however, you don’t want to come to the table with no money down. You’ll also want to ensure you’ll have enough room in your budget to pay for the future needs of your family.
Maintenance
Once you’ve purchased a home, you’ll want to consider the cost of maintenance. This is one factor that many people don’t fully take into consideration. It’s wise to set money aside to cover expenses like repairs and updates. It’s also important to consider monthly maintenance costs, like various utility bills.
Resale Value
If you’re certain you want to set your roots in your new home, you might not need to worry about reselling it; however, if you know that you’ll want to upgrade within the next 5 to 10 years, it’s a good idea to consider the resale value of both options. If you were to add a few upgrades to a single-family home, for example, the impact it can make in terms of how much more money you’ll get when you resell can be major. A professional who offers real estate services can help you work through those details to help you decide the most feasible option for your family.
Space for Kids
The more children you plan to have, the more space you’re likely going to want. While you can maneuver around the dilemma of limited space by using bunk beds and room dividers, that can only last so long. Think about the future members of your family and the space you’ll need as you figure out the type of home to buy.
Neighborhood and Schools
All parents want their kids to have a safe neighborhood and a good education. Usually, the two coincide with each other, but if you’re looking for a region with top-notch school districts, it’ll likely be more expensive. Houses in such areas are very desirable for families, and the taxes are often higher in order to help pay for the schools and other community expenses. However, if you were to buy a house there and decide to sell it later, you could probably get top dollar for it.
Ultimately, you need to make a decision that honors the goals you’ve created. As you think about your family’s future and the reality of your situation, it’ll be easier to choose what works best for you.
Source: Meghan Belnap/RISMedia’s Housecall
