Raising a family can be the greatest thing you’ll ever do, but it gets complicated when you live in a crowded space. Many parents look into homeownership so they have room to grow. You can’t stay somewhere without rooms for future kids or community programs that tap into your child’s interests. Moving is an intimidating venture that can become the smartest thing for your loved ones. Check out what parents need to know about buying a family home to find the best place for your current and future needs.
1. Stick With Your Budget
Homeownership comes with new expenses that renters may not anticipate. Homeowner’s insurance, mortgage insurance and property taxes are just a few of the financial requirements that could steal funds from your child’s college savings account. Determine a budget that allows you to continue putting money aside for your kids and stick with it to find a mortgage that doesn’t consume your finances.
2. Consider Their Future
Your kids may share a room now, but they won’t always be able to do that. They’ll need privacy and space when they get older, so consider how many rooms you need. In addition to your bedroom, kids could want individual rooms, plus a playroom and space to indulge in their hobbies.
Tour homes with multipurpose rooms that could transform from playrooms to bedrooms. Fixed features like sliding glass doors or built-in desks will make it harder for certain rooms to fit your future needs without expensive renovation projects. Estimate your family’s upcoming needs and most pressing concerns to pick the best listings.
3. Research Nearby Schools
Think about what your kids need for their education. Where you live will determine which schools they can enroll in and how those opportunities expand their future. As you find elementary, middle and high schools, evaluate what they offer like year-round schedules or specialized education programs.
It’ll be much more challenging for your teen to get into an Ivy-league school without access to revered educators and competitive sports. They’ll need a school system that has opportunities waiting for them as they grow. You’ll narrow down your family home buying options by searching in areas that have what your child needs to thrive in school.
4. Reflect on Your Taxes
Parents already get tax deductions for claiming children as dependents, but buying a family home can also improve your tax situation. New homeowners can deduct their mortgage interest from their taxes owed each year. The frustrating first few years of payments that only go towards interest are easier to manage for parents who know they can get a more significant tax return with each payment.
5. Look Into Neighborhood Statistics
Your kids won’t spend all of their time inside your new house. They’ll want to go meet other kids on your street too. It may not be worth it to move into a family home in a location with only retirees or other adults. Look into neighborhood statistics to find popular places with families and have nearby kids the same age as your children.
6. Pay for a Home Inspection
When you buy a family home, you have to pay for a home inspection before finalizing the purchase. Save enough money for an extensive inspection to guarantee that your future house is safe for your kids. The investment will pay off if the inspector finds issues like an old HVAC unit that doesn’t filter properly. Fixing problems before your move-in date makes any property a safe and healthy environment for growing families.
7. Estimate Your Storage Needs
Will your teenager need to store belongings while they’re in college next year? Do you have extra family supplies like winter sleds and summer pool toys? The right house will have features like an attic, a crawl space and extra closets so your family never has to be without the things they need.
You’ll also save money with the additional space because you won’t have to rent storage containers or cubes. You can always downsize after your kids leave home. It’s better to have more room than less, especially for families that aren’t done growing or may experience significant life changes like teenagers leaving for college.
8. Find the City’s Crime Statistics
No home is worth putting your family in danger. Sometimes parents do this unknowingly because they forget to check the city’s crime statistics before moving somewhere new. Apps and websites will reveal vital statistics like break-ins, kidnappings and school shootings. Use the research to look somewhere else if your dream home could endanger your family’s future.
Learn What Parents Need in a Home
Once you’re ready to stop browsing listings and start touring properties, certain factors could make some homes better than others. Now that you’ve read about what parents need to know about buying a family home, use these tips to narrow down your search and make your next big move much more manageable. When your kids have everything they need in a home, a school system and a neighborhood, everyone will thrive in your new city.