Things To Consider in a New Property for a Growing Family

One of the best feelings in the world is getting to own your first property. After all, whether you decide to move in yourself or with a partner, it’s your chance to own a slice of the American dream. What’s perhaps even a better feeling is getting to hold your first-born child. Right as you embrace their tiny bodies, you’re perhaps already imagining how you can give the best life possible to them. A major part of that thought process includes the home that you want to provide for your growing family. There comes a point in time where you’ve outgrown your first property and you’re ready to find your new ideal home. Whether you envision a huge backyard for your kids to frolic in or a kitchen large enough for everyone to eat in, there’s a lot of factors to consider for your next big investment. To find the perfect home to accommodate your growing family, here’s your guide on everything you need to know.

Your Perfect New Home For Your Growing Family
An ideal home isn’t all about a new property that has the largest space. We’ll break down the key factors that you should consider as you go about the exciting research process.

Timing
Should you snag your dream property before, during, or after you have kids? While there is no right answer, giving this question some thought can offer some insight to what works best for you. 
Let’s say you choose to move in before expanding the family. This might allow you to comfortably adjust without having to deal with the worries of being first-time parents. Additionally, it might be easier to physically move sooner than later. In contrast, say you decide to move while expecting — you might have a better idea of the type of home you want as the parenting instinct begins to kick in. However, you’ll also have to keep in mind the exhaustion that can occur with the pregnancy stage, which can limit the choices you’ll make. If you decide to move after the kids come around, you’ll have the best idea of what you want out of a home for a growing family. Keep in mind that it might be a little challenging to move in though as you take care of the little ones at the same time.

Budget
Wouldn’t home buying be so easy if we all had an unlimited budget? Although one can certainly dream, it does pay off in spades to establish a price range as you go about your search. Take into consideration what the joint income is and how a home’s price might impact your monthly budget. Don’t forget to add in all the expenses you’ll have once you become a parent.
In general, it’s best to follow the 28/36 Rule, which states that your total housing expenses shouldn’t be more than 28 percent of your gross monthly income and that your total debt payments shouldn’t be more than 36 percent of your income. If you’ve got a home to sell before you purchase your new one, getting an idea of how much equity you can apply to your new purchase can open your horizons to many options on the market for your mortgage pre-approval.

Legalities
Not married to your partner quite yet but want to get started in growing your family together? Then there are several legalities that you’ll have to keep in mind when it comes to ownership. No matter what route you decide to take, it’s always helpful to consult a real estate attorney so that everyone understands their rights before closing day.

• Sole Ownership

In this method, only one person will have their name listed on the deed. This can be a great option if they have great credit as opposed to the other partner, but the downside is that the other partner will have no legal ownership to claim for the home in case the marriage ends.

• Joint Tenancy Arrangement

This arrangement gives both partners equal claim to ownership of the new property. In the event of a split, both partners have to sign to sell or buy the other’s half of ownership.

• Tenants in Common

Both tenants will have ownership, but the chunk that each has will be unequal. Just like the first method, this one can work well if one partner has a better credit score and will contribute more financially to the purchase of the home. Equity will be assigned accordingly.

Home Size
This is the time to bust out your pen and paper and create a list of what your family needs and wants out of a home’s size. 
In general, you’ll want to start out with a one-bedroom home with your first child. As your family expands to more members, you can consider giving each child their own room or having siblings of similar ages share a room. As soon as they reach their teenage years and value their privacy a lot more, it can be beneficial to give each of them their own space. Don’t forget the extra spaces you might need as a parent! With a lot of kids running around, having a large master bedroom or a private office can do wonders for your mental health.

Kid-Friendly Features
There’s no doubt that little kids love exploring around. As much as this curiosity is encouraged, their poking around can quickly lead to dangerous situations without some kid friendly features in the home. Consider the following factors when assessing your needs:

• Storage: Whether it comes to attics, closets, or garages, kids need space for a lot of storage. Think about all the toys, gear, and clothing that you’ll have to buy as they grow!
• Hazards: While household features like stairs and outlets might not faze adults anymore, they can certainly entice wandering bodies. Keep note of the gates, covers, and other protective supplies you’ll need. 
• Layout: The floor plan of a home can often contribute to family bonding time. Having a big living room that stands adjacent to the kitchen can be a great way for you to keep track of the kids as they play around. 

Location
Even though the house itself might be spectacular, you can’t forgo the process of overlooking the location. Do some research into the safety of your surroundings and the proximity of its location to any local schools. Take a stroll around the neighborhood to see if there are other couples living with kids of their own and ask about nearby amenities and downtown fun.

Help You Buy Your Dream Home
As you envision the ideal residence for your expanding family, it can be well worth it to have a helping hand along the way. Here at Brian Burds, our team of real estate experts will guide you in the right direction so that you’ll truly understand why home is where the heart is. 
Give us a call today to make memories that will last you and your family a lifetime.