So you want to take advantage of the real estate market, but you have a family to think about. Perhaps your kids are getting older, and the summer holidays are going to be your last chance to start indulging in the market. Planning ahead is essential, so that means making sure everyone has their needs met before you even think about jumping into that bid. Here are six things you should consider before you begin your journey.
1. Choosing the right property:
New or existing? First thing’s first, long gone are the days when buying new was significantly more expensive than purchasing established real estate – it all depends on the location and what is being built.
2. Buying or renting:
Have you considered the options of buying or renting out one home and staying in the other? It might be worth your while to research costs associated with renting vs. buying, especially if you are planning on moving again anytime soon.
3. Keeping an open mind:
Ensure that your property is flexible enough to accommodate your growing family. A house with a large backyard is great for the kids, but chances are you will be looking at relocating to a more central location in five years or so – especially if both of you work from home.
4. Lifestyle changes:
As your family grows and changes, most likely, your lifestyle choices will change too. Some of the things you enjoyed before – like a large house in a fancy location, for example – could possibly be given up to keep your children’s interests at heart.
5. The children:
Consider if your kids will be going to private or public schools and what that means for extra-curricular activities such as sports etc. – plus, of course, the location. Some schools are on opposite sides of town, meaning you might need to factor in extra travel time if you do move.
6. The changing property market:
It is never a bad idea to get your finger on the pulse of what is happening in the property market before you make any major changes to your life.