How to find the ideal home for a growing family

The process of finding a home is complex enough, an ideal house is hard to find. This becomes even more challenging when planning or even expanding your family. With that in mind, priorities and needs change. While a 1 bedroom apartment might’ve worked in the past for a single adult, it might not be best suitable for a life with kids. A family would be more comfortable in a home. According to a study done in 2017 by the National Association of Realtors, nearly 29% of homebuyers age 36 and younger move with life changes, such as having children, and 37% who sell their current home say it’s because they’ve outgrown it. It is important to remember this home is one that your children will grow up in so try to envision what that looks like to you when choosing your future home. Here are 5 tips to help you make the right decision.

1. Timing

When you choose to buy a home, it is a choice that can affect the overall decision. While some couples might buy a family home before having children, others may choose to wait. The perfect time to purchase a home is when it fits your family’s needs and budget. The benefit of buying a home before having

kids, without the hassle of a newborn, helps you and your partner focus solely on the exhausting process of the physical burdens of moving. If you have a current house to sell, this also allows you to wait for the best offer. On the other hand, buying a home after having kids allows you to become knowledgeable of your child’s routines and needs as well as yours. Ultimately, knowing when to make such a momentous decision as buying a home is up to you and your family's timing.

2. Budget

The majority of the time there is nothing more influential in the buying process other than budget. What’s essential is to buy a house you can afford to avoid going into unnecessary debt. Your budget should include more than just the cost of the property itself. Remember, owning a home requires monthly payments as well as the cost of heating and cooling,

maintenance, and property taxes. As your family grows, there are also financial burdens such as your children's tuition fees. For those that are expecting a child, you should readjust your budget. It is also critical to take into account if only one or both parents will be working. A good rule of thumb is Motley Fool’s “28/36 rule” which states that your total housing expenses should consume no more than 28 percent of your gross monthly income, and your total debt payments should consume no more than 36 percent of your income.

3. Location

It's very important to provide a safe environment to raise your kids. Amenities such as a nearby hospital, a local playground, recreation centers, or parks would be helpful to have around your family home. It's best to avoid areas that have railroads, bus stations, or anything else that could be dangerous for your

kids. Even if you are working with a realtor, it is heavily recommended to do some research on the area yourself. According to the Fair Housing Act, Realtors are not allowed to disclose information about school ratings, crime, or neighborhood demographics. Other important factors to consider include the living distance from your child's school, your job, and if it's more beneficial to live in the suburbs or the city. These factors depend on the specific needs of your family and can change.

4. Space & Safety

When deciding to expand your family, it's best to look for a home with kid-friendly features. This benefits both you and your children. Kids have a lot of belongings. If your child is in the baby stage, see if you can store larger gear such as a stroller or car seat. As they get older, having garage space will come in

handy when it's time to store bikes or sports equipment. With children also comes a lot of dirty laundry. Considering a home with an accessible laundry room on the first floor will allow you to avoid the strain of carrying loads of clothes up and down the stairs. However, it's very important to make sure the laundry room is far away enough from your child's bedroom to not disturb their sleep. This is also the time to be wary of any hazards that could be harmful to your kids. Make sure to consider if the home can be baby-proofed such as outlet covers, cabinet stops, pool fencing/alarms, etc.

5. Legalities

If you and your partner are not married, the legality of homeownership can get tricky. If purchasing the home together, you must decide how you want to legally structure the ownership. Although options vary from state to state, there are three common methods.

The first is sole ownership, in this predicament, only one name is documented on the deed. This is optimal if only one person has good credit. A disadvantage in this situation is that the person not on the deed has no legal ownership should the relationship end.

The second option is a joint tenancy arrangement, this closely resembles the process for when a married couple buys a home. With a joint tenancy arrangement, each person gets half ownership of the home, should the relationship end, both parties must agree to sell or one party could buy the other out.

The third option is tenants in common, this option authorizes unequal ownership. This could be beneficial should the financial contributions of both parties be uneven, this can occur when one person contributes more to the down payment or the mortgage payment. This option also appoints equity equal to contributions. It is important to consult with a real estate attorney when buying a home without being married to ensure that each person's rights are understood and protected.

Although challenging, it is not impossible to find the perfect home when starting a family but will require a lot of patience and research. Make sure you're prepared as much as possible. As a parent, you want to provide the best home for your children to grow up in so be considerate of your family’s future when choosing a house.