Five Factors to Consider When Choosing a Place to Start a Family

Five Factors to Consider When Choosing a Place to Start a Family

Buying a new home is often a thrilling experience. Yet it’s important to approach the process as carefully and conscientiously as possible. For most people, a home is their largest investment and most valuable asset, and therefore critical to their overall financial health and well-being.

For buyers with young children, the decision is perhaps even more complex. To help illustrate the best way to approach the buying process, let’s review five key factors to consider when choosing a home for new families.

How good is the school district?

Choosing the right school district is vitally important for young families. How critical is it? Consider this: According to a recent survey, 20-percent of homebuyers would sacrifice an extra bedroom or a garage for a better school district. That same number of buyers would also willingly pay up to 10-percent more for a home provided it’s in the right district.

A high-quality education doesn’t just set a child up for success later in life — it also significantly enhances the property value of a home. For young families, the right district is perhaps the most pressing consideration of all.

Is the neighborhood safe?

Protecting the safety of your family is an imperative. Yet it’s not uncommon for a first time homebuyer to fail to check area crime statistics to see if a neighborhood is more dangerous than it appears at first glance. Because most buyers only visit a house a few times before making a purchase, they are working with limited information about what it’s really like to live there.

Fortunately, there are a variety of online resources buyers can check to review local crime statistics. Buyers with young families should make sure to review this information before closing a deal.

Does the neighborhood have sufficient amenities?

As any parent of young children knows, kids like to stay busy. One of the best ways to provide your family with an enriching, stimulating and active life is to live in an area with a wide array of amenities.

This includes things such as parks and other green spaces, athletic facilities and nearby shops and restaurants. Remember, you’re not just buying a home — you’re also buying a neighborhood. Finding the right one can make all the difference.

Is this home a good investment?

Many buyers with young families buy their fist home with an eye on buying a larger home once their family expands. In order to make this process as painless as possible, it’s important that the first home you buy be a solid investment.

If you buy a home that’s likely to increase in value — and won’t need major repair work — you’ll have more equity available when it’s time to make your next down payment on a larger home.

Is the house a good fit for a growing family?

Sometimes it’s easy to fall in love with a home without really considering what day-to-day life will be like once you’re there. One example: If you buy a home without a lot of storage space, you’re going to constantly search for places to keep your children’s things — and as parents know, children outgrow things very quickly. The same holds true for bathrooms; if you have multiple kids, you’ll likely want multiple bathrooms.

By ensuring your home is a good fit for a growing family, you can avoid having to deal with these common pain points.

The takeaway

Buyers with young children (or who plan to have children) should carefully weigh the above factors when choosing a home. By conducting a careful, diligent home search, you’ll be able to find the perfect living space for your family to enjoy.