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Starting a family is an exciting time for you and your partner. There’s a lot to think about when planning for the future, perhaps one of those is buying a new home. To avoid making a costly mistake, it’s important to learn how you can make an informed decision when buying your first home or moving into a larger family house.
This article will let you know what questions to ask yourself before signing on the dotted line. It offers advice on how to find out what kind of house suits your needs and decide whether or not it’s within your budget.
Answering the following questions will help you find your dream home
Before you begin your search, it’s important to decide what type of house you need to feel comfortable and happy there. This will help narrow down the field of homes to be considered. Are you looking for:
- extra bedrooms
- a garage
- an annexe
- lots of outdoor space
- a specific school catchment area
It is also important to consider how your family may change in the next few years. For example, are you hoping to have more children? Have you considered whether an elderly relative may need help? Or do you find yourself asking, are there going to be retirement homes near me that can look after my parents?
If you don’t answer these questions before you move, you may find yourself either having to move again or, more worryingly, you may find yourself trapped in property that doesn’t match your requirements.
Listen to your estate agent – but double-check information!
When your journey to find a new home begins, it is important that you listen to the advice your real estate agent gives you. They will have access to information about homes in areas you are considering and will be able to give you an opinion on whether or not they are suitable. However, it is important to remember that the agent doesn’t work for you; they are working for the homeowner and are normally paid a percentage commission.
Be honest with yourself on your financial situation
It can be tempting to get the biggest mortgage available. However, remember that if your family situation changes, it will impact your finances.
Ask yourself the following questions:
- am I financially secure?
- how likely am I to receive a pay rise in my job?
- will interest rates increase or decrease over the next few years?
- will our family income increase soon?
- are we comfortable with our monthly repayments?
If you haven’t received a pay rise in your job but know your family income may increase, it might be wise to wait until your salary increases before purchasing.
Information is key to good decision making
When buying your first property or you are planning to move up the property ladder, you must ask yourself the right questions to help you make an informed decision. Consider how your family may grow and what financial implications those changes may bring.
The last piece of advice – don’t be afraid to walk away from a deal that isn’t right for you. It may feel that you are giving up on your dream home but be assured you will find the right house that will become your home.
Hi, I’m Louise- mum of one to a little boy called Mason.
I am the Digital Marketing and Admin Assistant for MyBump2Baby.
I enjoy working to provide excellent service to MyBump2Baby’s growing families.
Nice to meet you!