When you are buying a family home you are no longer just thinking about your own needs – or the needs of your partner – but also a whole hoard of little people, and probably a pet or two as well. Therefore, to help you make sure you are considering the needs of every member of your family when buying a new family home, and that you are able to make the move securely and successfully, follow these 10 steps:
- Research and plan your needs for your home and your home loan.
- Save for a home loan deposit, around 10-20 per cent of the property price.
- Arrange finance including loan pre-approval.
- Start looking for your new family home.
- Narrow down the market to one ideal property, but don’t get too excited just yet.
- Have the necessary building inspections done to inspect the condition of the property.
- Complete the formal loan application and obtain full approval.
- Complete all legal checks and requirements.
- Exchange contracts with the seller and pay your deposit.
- Once settlement is finalised you and your family can move in.
To help you with the five main stages of these steps, consider the following information and advice when buying a family home.
1 – What to buy for your family
If you are buying a new family home it is because your old home no longer suits your needs. Therefore, think about all the things you need and want from your new home. For example, do you need a yard for your children and dog to play in, and do you want an outdoor entertaining area so you can have BBQs at home with your family and friends? Also consider whether there are parks and footpaths around your new house if you like to take your family for walks around the neighbourhood, or if your children will want to ride their bikes.
Of course, your new family home doesn’t have to be a house at all, in many major cities families live in small properties such as apartments, townhouses or studios. This is not only more affordable, but can also mean you’re living in a newer home, closer to the city.
However, no matter what type of home you are looking at, make sure that the area and community suit your lifestyle and that you have access to the facilities you need such as schools, transport, shops, recreational facilities and your workplaces.
2 – Where to buy a family home
Whether you buy a new family home in the city, the country or the suburbs will depend on your family’s needs. For example, if it is important that you have a short commute to work you may look for a family home close to the city, but if you want your children to grow up with a country lifestyle and outlook you may look even further from the city, whereas the suburbs are a compromise for families who want to be away from the bustle of the city and enjoy some space, without being too isolated.
Also remember that where you live can affect where your children go to school, as many schools are zoned, and don’t accept students from outside of the zoned area.
It is also important to look at the value of the area and consider whether property prices are rising or falling in the area. Also look at factors which would influence your property’s value such as the proximity to jails, factories, sewerage plants or major construction. Remember that being on a busy road or intersection, or under a flight path can make normal family life even noisier.