When it's time to buy a house for your growing family, there are several things you'll need to think about. A house is probably the largest single purchase you'll ever make, so it's important to go about it the right way. Here are four things you should consider before buying a home to accommodate your expanding family.
Financing
The largest single consideration when it comes to buying a home is paying for it. In order to set yourself up for the best financial situation, it's a good idea to save up a down payment of about 20 percent before you decide to purchase. While you're saving, you should also eliminate any other existing debts that could be a drain on your finances. This process will help to improve your credit score and make you eligible for a low-interest mortgage when you're ready to buy.
School District
If you're buying a house for your family, it's also very important to consider the school district a property is in. Unless you're willing to pay for private school, the location of your home will determine where your children attend school. Look at publicly available test scores and school report cards to see what kind of education your kids will be getting. If possible, you should also try to talk to other parents who live in the same district, since they may have useful insights.
Home Insurance
Although it's often overlooked, insuring your new home is critical. Home insurance can protect you from various kinds of property damage and liability costs. Find a good insurance broker and see what the best policy is for your particular situation. Don't be afraid to shop around, since you may be able to get a better price by doing so.
Size and Amenities
Finally, you'll need to have some idea of the size of the home you want to buy before you go looking. A lot of this will depend on how large you intend your family to eventually be. Sit down with your spouse and talk about how large the house should be and what amenities you both want it to have.
Once you've thought through these four things, you'll be more or less ready to start actively looking for a home to buy. Of course, you may not find the right property the moment you start looking. If necessary, wait until a home that fits all of your needs comes along.
