Planning a family is like taking your marital relationship to the next level. While having babies may be a spontaneous decision for some couples, most do it with proper planning. In fact, many young couples combine the decision with home-buying. But taking two giant leaps simultaneously can be a daunting challenge. You must plan wisely and prepare well for the entire aspects of these decisions, from handling your finances to choosing a dream home. Failing to plan can land you in trouble, and you may end up regretting either or both of them. Let us share a practical home-buying guide for couples planning a family.
Check your finances
The first step for any couple planning a big-ticket purchase is to check their finances. You will probably want to co-own the house, so consider your joint income, expenses, and savings. The good thing is that it is easy to gather enough for a down payment for a property that matches the needs of a growing family. Besides ensuring that you have enough for the initial down payment, assess your readiness for the monthly mortgage. Checking your finances puts you in a safe place for a long-term commitment.
Plan for increase in expenses
Besides checking your current finances, you must plan for an increase in your monthly expenses. It is a natural progression after having a baby. You will have an extra person in the family, and add more down the road when you have more kids. Your family budget will change with additional expenses on food, entertainment, education, and healthcare. You will also expect to save for your kids’ college. Factor in the increase to calculate a realistic mortgage payment you can comfortably afford after your family grows.
Evaluate your credit scores
Evaluating your credit scores is another valuable tip for couples looking to buy a house. A healthy score makes you a viable process for lenders, and you can land a good deal on a home mortgage easily with it. Find individual and joint scores if you want a joint loan. Consider cleaning your history before you embark on the home-buying journey to avoid last-minute hindrances. Simple measures like paying your credit card dues on time and avoiding unnecessary debts can improve your credit score.
Choose your location wisely
Perhaps the most significant step for buying a house as a couple planning a baby is to choose your location wisely. It is as crucial as checking the interiors. Start by searching for an ideal location with good accessibility, amenities, and safety. Kuala Lumpur residents can consider kepong because it covers all fronts. The best part about the township is that it is a close-knit community. So you can raise your kids in a family-friendly environment. Moreover, being away from the din of a big city is a plus.
Prepare a dream-home wishlist
Another helpful tip is to prepare a dream-home wishlist before you start looking for it. Spacious interiors with ample storage are the first things to look for because you will need plenty of space for your growing family. Child-proofing is another factor you cannot miss out on, as it ensures the safety of your little ones. Skip a house with large staircases because fall injuries are a risk. Also, ample outdoor space makes a property ideal for raising a family with young kids.
Think for the long haul
Remember to think for the long haul when buying a home for a growing family. You may want more children after a few years. Many couples want big families, so they need large living spaces to accommodate them. You may also want your aging parents to move in at some point because caregiving is easierwhen they live under the same roof. Consider your space and privacy requirements for the arrangement. Think a step ahead when your kids grow up and leave for college. Foresee these stages to choose a property with good potential, whether you want to accommodate a bigger family, rent a part of the house, or sell it for downsizing after retirement.
Buying a house is inherently tricky, and it becomes even trickier when a baby is on the way. You must plan your move well to ensure a great deal and an ideal space to raise your little one. Savvy couples go the extra mile with financial planning because it is an equally significant aspect of home-buying. You can follow these tips to choose wisely and move to a perfect place to begin the new phase of your life as co-parents.
