COLDWELL BANKER SHARES THE MOST IMPORTANT things to consider when buying a home with family in mind
For many people, finding a new home is more than a matter of personal taste and individual finance – it's a family affair. Buying a new home to accommodate a growing family is an exciting step in one’s life, but it can also be a balancing act. Communication and planning are key to any successful home-buying experience. Moving to a new home while expecting a child or preparing for a family down the road makes anticipating your future needs all the more important. What may make a perfect starter home for a couple might not work as well when children come into the picture.
A recent survey released by Coldwell Banker Real Estate LLC found that 65 percent of homeowners who are also parents purchased their first home before becoming pregnant or within one year of their child’s birth. For those consumers who are in a similar position, Coldwell Banker Real Estate LLC offers the following five factors to consider when buying a home with family in mind:
- Proximity to family. Nearly half of the homeowner respondents in a recent survey from Coldwell Banker Real Estate LLC reported that they live less than 10 minutes from extended family members, with 72 percent choosing to live within 30 minutes. Buying a home that is close to family members can provide support, help and guidance that can be a great benefit both emotionally and financially. With extended family nearby, families have the opportunity to spend more time together and even save money on occasion. The cost of babysitters and long distance travel to visit relatives can really add up!
- Existing floor plan. Each family has its own unique dynamic and should take its distinctive needs into consideration when exploring different floor plans. While having a master bedroom upstairs and the other rooms downstairs may work for some families, others may prefer to have all of the bedrooms on the same level.
- Surrounding neighborhood. The neighborhood looks different from the eyes of a parent. It’s wise to get an idea of what the neighborhood offers for children, such as local recreational centers, parks or playgrounds as well as the school system, before deciding on an area to live. Coldwell Banker Real Estate LLC recommends home buyers utilize online tools such as Coldwell Banker On Location that can offer consumers a wealth of local market information.
- Future lifestyle needs. They say children grow up in the blink of an eye. Make sure the home you purchase leaves growing room and will still fit your family’s needs a few years down the road, especially if there are plans for more children.
- Budget. One of the most important things for all potential homeowners to consider is their personal budget. Growing a family and having children usually means a growing list of expenses as well. Estimate monthly expenses along with a mortgage payment to ensure all financial commitments can be reasonably met.