Buying your family home is a big investment and one you want to get right. Whether you’re purchasing it to live in for many years or a renovation to sell on and move up the ladder, there are lots of things you need to think about. I thought I would put together a few things to think about when buying your family home.
Location
I really do agree that this is one of the biggest things you need to think about. When we were looking for our first home we had a very large search area and it was very overwhelming. We weren’t living in the area at the time so we would book to see lots of houses in one day, one day we saw 15 houses within a 13 miles radius. It was silly as we hadn’t researched the areas properly, just put our house requirements online and looked at things that were in our price range.
We saw some lovely houses, but the location was very wrong for us. We would have made a very bad choice if we had gone for some of the houses we looked at!
Research the areas and then find the areas you only want to look at, each day the housing market will change and a new house will come up daily. Get registered with the estate agents as they will call you before the house comes onto the market properly if they have one suitable for you.
The location can also impact the cost of house insurance, with some parts of the UK and Northern Ireland attracting higher insurance premiums than others. The advice from Eamonn Turley at Insurance Quotes NI, a provider of NI house and home insurance, is to avoid postcodes with a higher likelihood o house burglaries or break ins.
Think Ahead About Schools
The catchment area is a big point to think about. If you don’t have children it may not be something you think about, however, picking a house in a good catchment school will make your house more desirable, worth more, hold its value and sell easier. If you are planning on starting a family in the future think about the walk to school. I love being able to walk the kids to school each day, not bothering with the car also a little walk to school makes them concentrate better once they’re at school.
Parking and Transport
Is there enough parking? Is it private parking, shared or on the road? We lived down a track with about 20 other terrace houses and when we had our surprise twins we had 3 kids, no parking near our house and a very tired Mummy having to unload newborn twins hoping they would stay asleep just to get back into my house! It wasn’t something I thought of when we purchased it with only one 18-month-old, I thought it wasn’t a problem! Having parking on your own drive solves so many issues and future-proofs your home for you, and also adds a decent amount of value to your home.
Also, see what public transport is like near your home. The location of our house means my children can get to school easily and independently, they can get a bus any way they want to when their old enough, my 15-year-old can look at colleges knowing he can get a bus easily, as well as universities on a bus route too.
If we were planning on staying here until we’re old and grey, I have some shops within walking distance and public transport too.
Secure Future
When you purchase your family home you want to have a secure future. Having a mortgage debt and a family to support is scary! You need to make sure that if you sadly weren’t around anymore that they were left safe, and secure financially and the mortgage was dealt with. Having life insurance like Family Income Benefit which gives a regular income to cover family living costs and the mortgage allows them to budget easier and not become overwhelmed when having to deal with a large payout. We have a good life insurance cover for us and it’s so reassuring knowing things are secure for us both if we were to find ourselves in this situation.
Don’t forget to make a will for your family too, it’s important to get it done so there aren’t any issues if you’re not around and everyone knows your wishes. Money Saving Expert has some advice on creating a will cheaper.
You can also compare Family Income Benefit quotes for free with FCA registered broker; Reassured.
Future Proof Your Home
Thinking ahead of time can sometimes be so boring! But think about how you’re going to live in your home over the years. Will you be staying long-term, kids or no kids? Pets? When you’re older? or is it just a stop-gap? Think about will the rooms be suitable to fill up with lots of furniture, are the steps into the house OK? Will you want a bigger garden for the kids or the new pet dog?!
By doing this you can see if this house will work for you in the future as buying houses are expensive and you don’t want to make any rush decision as it could be very costly!
but most of all, enjoy purchasing your family home, it’s an exciting time and a place you can make some very special memories in.
12 Comments
I am not sure if the house I am hoping to buy next year will be my future home but I have already checked on the schooling and its perfect.
Ah perfect!
I think that location is a very important factor and it is so important to get to know an area and talk to locals – especially if you have children.
That’s a good idea talking to locals, thanks
Location and school catchment was our biggest factor. Our eldest was already in school, and the schools in our area are so oversubscribed that even siblings are not guaranteed a space unless you are in catchment. So it was clear for us if we wanted them to be at the same school and not move our eldest again (it was already his second school due to an international move) that we would have to search for a house in our existing catchment area.
Oh wow that is massively oversubscribed isn’t it
Really good advice here, focusing on all the key points when moving your family.
Thank you
You’re right, there is so much to think about when buying a family home. We have recently moved and it was so stressful! But it will be our home for many, many years to come, and we love it so it was totally worth it. Good to think through all the issues before buying though.
Moving can be so stressful can’t it, so glad you’ve found a great home for you to settle in
The school aspect is HUGE! It was a massive factor in us buying our house. It is literally a 35minute walk to our daughter’s school and it’s a great one at that.
Oh it’s so reassuring to know they’re attending a good school isn’t it