When your family starts to grow, there are a few decisions that you’ll need to make. You will need to decide whether to rent a place or make the big leap and buy. You’ll have to think about whether you want to live in the city or the suburbs. And you’ll have to choose a type of accommodation. On this post we’ll look at each of these decisions in turn and help you determine which ones are right for you.
Renting Or Buy
Whether or not you rent a home is a big decision. If you buy, you have to make sure that you have some money saved up to pay the hidden costs. As an example, when you own a home you will often find that the bills are a lot larger than you are used to. You’ll also need to consider whether you’re in the position that you can take out a mortgage and easily repay it each month. It’s also wise to consider whether it’s the right time to buy. Not just for you but in the economy as a whole. If the housing market is healthy, it might be a good time to invest in property. However, if the country is still coming out of a long recession, it might be best to continue renting. You might think that you’re in a strong enough position to buy right now, but you should be thinking about five years into the future.
Many financial experts agree that most people would be in a better position if they continued to rent. The reason for this is that they are left with a mortgage that takes so long to pay off they are essentially renting in any case. They’ll be paying the mortgage up to the point when they decide to sell the property.
House Or Apartment
Your next decision is to choose whether you will living in a house or apartment. Your gut instinct might be to live in a house with a growing family. But don’t be so quick with that snap judgement. These days, there are gorgeous, luxury apartments for rent, large enough for bigger families. We’ve already mentioned the costs but we haven’t talked about security. Depending on the type of home you live in, security can vary. You need to think about this when looking at houses. On the other hand apartment blocks often have their own security features, even featuring private gated areas. This will certainly put a parent’s mind at rest when they are worried about their children’s safety. On the other hand, one factor you will have to live without in an apartment is a front or back garden.
City Or Suburbs
One other important choice you’ll have to make is whether to live in the cities or the suburbs. Again, you might immediately think about living outside the city. After all, there will be peace, quiet and plenty of space for your children to play. But, you should be aware that many of the best schools are situated in or near the city. You have to think about this and bear in mind commutes as well as different catchment areas.
I hope you have found this advice useful when choosing a home for your family.