Friday, May 26, 2017

Picking the Right Home for You and Your Family

buy home for family
When it comes to paying for a home, there’s no room for error. A mortgage is a costly investment that could take decades for you to pay off, so you never want to go into buying a home blind and end up investing into a property that you don’t actually like. What’s more, there’s a time to buy a home and save up for a deposit, but for many people, they don’t actually know when that time is. It’s not uncommon to hear stories of people who think they’ve found the perfect partner, take out a mortgage to start a new life together and hopefully raise a family, only to be disappointed and left with an empty house when their partner leaves them.

It’s not a very nice situation to think about, but it’s something that has to be considered before you invest in a home for both financial and family reasons. To help you make that daunting decision, we’ve created a comprehensive guide on the perfect time to buy a home and how to pick the right property for you and your family.

When’s the right time to buy?

Most people decide to buy a home at some point during their adult lives, but the question is “when”. First, think of the reason for you wanting to move. Perhaps you want to start a family with your partner, maybe you want to move to further your career choices, or perhaps you simply want to get away from family or make new friends because your old ones have all moved on. There are plenty of reasons for moving, but the important thing is to find your own reason for wanting to get a new house.

If your reason for moving is due to your career, then try to plan ahead and schedule your move for when you get your new job. The last thing you want is to end up travelling several hours a day to your new workplace from your old home, so try and leave your old job a week or two before your new one starts and finalise the moving process. The travel costs involved could be ridiculously expensive if you have to travel an extreme distance just to get to work, and it’s always a good idea to give yourself a week or two off work just to settle into your new location.

Financial stability

Next, you need to think about financial stability. One of the most important things to think about when getting a mortgage is your credit history. If you haven’t already, do a credit history check to ensure you’re eligible for a mortgage or even to lend money. If you aren’t or if you plan to buy a home later in the future, then work towards building up your credit rating so that you can safely lend money for a house in the future. The best way to prevent your credit rating from plummeting is to pay off any existing debts as fast as possible and always pay your bills on time. Anything that’s delayed will negatively affect your rating and long-standing debts will cause your credit history to show undesirable qualities that banks are wary of. Close any unwanted credit cards and store cards, and make sure you’re cutting down on any subscription services you don’t actually need.

You also need to worry about your job. If you aren’t financially stable with a well-paying and secure job, then you don’t want to invest in a mortgage. In fact, if you’re currently working part-time or operate a business that’s not doing too well, lenders will actually turn you down. Ensure that you have a stable job that pays well enough so that you can pay off the entire mortgage. No one wants to be behind on mortgage payments without a job to back them up, so take care and ensure you can pay both the initial deposit and the cost of the home.

Picking a location

The location of your home is going to greatly depend on your reason for moving. For instance, if you’re moving because of a job, then the ideal location would be somewhere close to your new workplace. If you’re moving because you want to start a family in the future, then you might want to look for a property near a prestigious school or a college that will pave the way for your child’s future. Deciding the location can be difficult because there are just so many places to choose from. If you’re stumped for ideas, then look up a house for sale and you might find a lot of inspiration to work with. Don’t neglect the importance of gathering some ideas if you’re unsure where you want to travel to!

You also want to pick a location based on local amenities and the community. There are some locations that will blow you away because they’re in tranquil neighbourhoods with friendly communities, but they might be too far away from local amenities and you might find it difficult to cope if you’re used to living in the city. On the contrary, if you want to get away from the busy city life and move to the countryside, then your dream home could be a rural cottage that’s away from the noise and air pollution. Remember that, in most cases, homes closer towards the city are generally more expensive because it’s more convenient. Living on the outskirts of a city is generally cheaper, and living in a rural location is always cheaper. However, keep in mind that there are travel costs associated with getting around if you live further away from local amenities.

The size of your home

The size of your home is going to dictate what its purpose is. If you’re moving because you want to start a new career, then you probably don’t need anything more than a studio or single bedroom apartment. If you plan to start a family, then you’ll want several bedrooms, a backyard for your kids to play in and potentially a garage to store your family vehicle.

The important thing to remember when deciding on the size of your home is to consider the future. Once your children grow older, they’re going to want their own rooms and they might even need a study room to do their homework. You also want to invest in guest rooms if you plan to have visitors such as family and friends, and you mustn’t neglect your plans for when your children move out. Some people actually plan for their children to live with them forever and eventually pass the home down to them, but you can’t forget about the possibility that your children want to move away in the future to build a new life on their own. In that case, you’ll want to have a purpose in mind for empty bedrooms, such as converting them into hobby rooms or simply selling the home in the future to get a smaller one.

Have a vision

First of all, ignore any advertisements or marketing comments that relate to the square footage of the home. What you want to focus on is the amount of comfort that the home offers and not the perceived space it offers. You want to have a vision for the home, such as where you’ll place furniture, where you’ll host parties and so on. If the garden is a major concern for you, then make sure you’re picking a home with a backyard that’s large enough for your plans.

When possible, take a look at the floor plan and envision where you plan to place all of your furniture and how you plan to organise large appliances. Things such as the decor and paint can be changed later on, but structural things such as the size of a bedroom are difficult to modify without calling in a contractor and essentially breaking down some walls to make space. Instead of adding on additional costs in the future, it’s better to pay up front for a house that fits your vision instead of a property that needs to be modified in the future with expensive renovations.

Have patience

Lastly, learn to be a little patient when picking a home. You’re not going to find a perfect home no matter how hard you try, but it’s also not a good idea to make too many compromises. Instead of picking from what’s available on the market now, wait and save up more money so you can invest in a bigger deposit for a larger or better home.

If you feel like the time is right to purchase a home but there’s still no properties available on the market that you’re personally interested in, then don’t cave in. Wait a little longer, keep searching, and be patient for new houses to appear on the market before you take the dive. Remember that your house is a long-term investment that can be very costly, so ensure you’re buying something you can stick with for at least a decade.

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