Advice

3 Factors To Consider When Purchasing Your First Family Home

It is wonderful that you are ready to buy your first family home! The joys of starting a family and being a homeowner can be exhilarating, but it’s also a massive undertaking, so you want to be prepared as much as possible. So, what should you consider when making this lifetime investment? Here are three factors you should consider when purchasing your first family home.

  1. Research the area you want to live in

You want to purchase a home that is perfect for your family as you’re probably not planning to move any time soon. The area you live in might be the most important thing to research. There are a lot of factors to take into consideration, such as distance from your place of work, nearby schools, doctors, entertainment, shopping facilities as well as distance to family and friends. I find there’s always a local Facebook group for mums or dads and these local people will be able to offer invaluable advice on the local area, schools and children’s activities. Once you know the areas you’d be happy to live in, you can start to search and see what’s available as a future home for your family. Try to be flexible and keep an open mind though, and visit lots of different areas before making any decisions.

  1. Your ideal home size and style

Being practical about home size is important. This will of course be dictated by your budget and the area you want to live in, but there’s usually some trade offs and flexibility available. You could consider an area that’s slightly further away from amenities in exchange for a larger garden, for example. Think carefully about what your priorities are and how much space you need both now, and over the next five to ten years as well. If you’re planning on having a new baby for example, you’ll want to plan ahead.

Do you imagine yourself in a big garden, surrounded by a white picket fence enjoying the sun and watching your little ones play behind your beautiful modern styled home? Or is your ideal home something totally different? Close your eyes and think about the type of home you want to live in – this helps you narrow down the style. Perhaps, you would prefer a detached new build with the freedom to customise your home to your to exact specifications or a Victorian house for a bit of timeless elegance. Perhaps you want something completely finished, and ready to move in, or maybe you’re willing to get hands on and work on some improvements. Regardless of your style, if you’re looking to renovate or build from scratch, be sure to get in touch with reputable local architects who can fulfil all your requirements. For example, if you’re looking to build in Kingston upon Thames, Scenario Architecture are well-experienced to help you bring your vision to life.

  1. Your budget

Before you go out there to look at houses available on the market or make any other home-buying plans, you should consider your budget. By taking a closer look at your budget, you would know if purchasing a house is an excellent financial decision for you and your new family. Like most people, you’re probably looking at taking out a mortgage. Understanding your mortgage amount and repayments doesn’t have to be complicated or scary. You can use a mortgage calculator to work out what your mortgage will be, based on the current interest rates and deposit and this will also show you a number of graphs and charts which make it really simple and easy to understand your repayments and commitment.

You’ll also want to have a look at your other outgoings and create a full budget to make sure that you can pay not just your mortgage, but the council tax for the property, your utility bills for a property that size, insurance and any other maintenance costs.

Your first family home should be one you are proud of purchasing to keep your new family safe and secure. These tips will help you achieve just that. 

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