If you are ready to buy a home, but anticipate a growing family, you may wonder how it’s possible. How much home do you need?Will the home that you buy now still suit your needs three or five years down the road?
It all comes down to asking yourself a few important questions. Keep reading to learn what you need to ask yourself.
What can You Afford?
It all starts with money. Sure, you could dream of the five-bedroom home in the hottest area of town, but if you can’t afford, it won’t be a reality. So start here. What’s affordable? Talk with a loan officer and go over your options. Ask yourself:
- How much can you put down on a home?
- How much can you afford in a mortgage payment each month?
- Do you have money put aside for home maintenance and repairs?
- Can you afford the taxes and homeowner’s insurance?
The last thing you want to do is get in over your head right away. But, buying a home that you’ll quickly outgrow doesn’t make sense either. You’ll just find yourself miserable and wanting to move. Think logically what you can afford now as well as in the future. Ask yourself:
- Will you change jobs in the near future?
- Are you secure in your career or will you change?
- Will the number of income-earners in your home increase or decrease soon?
The answers to these questions help you think about today as well as the future too. With this figure in mind, you can find the home with the right features, the right layout, and of the right size to suit your needs.
What are Your Plans?
Once you know what’s affordable, it’s time to put together your dream house, in your mind only. Ask yourself:
- How much space do you need?
- How many children do you think you’ll have?
- What type of living arrangements do you desire for your children?
- How many bathrooms are you comfortable having?
- Do you need a basement for storage and/or living space?
It can be hard to think about what you want in the future, but give it some time. Talk to your spouse. Do you plan to have one or five kids? That makes a difference in the amount of necessary space. Will the children share rooms or will everyone have their own space?Is extra storage space necessary? These are all thought-provoking questions that can aid in yourdecision making.
Where do you Want to Live?
Now think of the logistics. First, consider the location to your place of employment. Are you comfortable commuting or do you want to be within a short distance to your job? What about other factors, such as:
- Public transportation
Is traveling 30 minutes or longer to get to the closest grocery store acceptable or do you prefer to live within minutes of a store? Is there a particular church you want to be near or a train station you neednearby?
Even if you don’t have kids yet, think of school districts. Will you send your kids to public or private school? If public, choose the home based on the ratings and offerings of the school district in the area.
Take your time to get to know the neighborhoods too. Hiring a reputable real estate agent can aid in this part of the process too. Ask questions about the areas you want to live. What does the real estate agent know about the population there? Talk with neighbors in the area and even take your time driving through the neighborhoods on different days of the week and different times of day.
No matter the type of home you choose, always leave room for growth. Whether that means remodeling the existing floor plan or adding a room for a new child, make sure it’s a possibility. If you can afford the larger home that you won’t quite fill yet, but will some day, go for it. If you can’t, buying a home that leaves room for modifications will give you the next best result.