The shift from renting to homeownership can be a big one, and having kids can make the process even more challenging. You must be financially ready to buy your first home and understand all of the costs and responsibilities of owning a property.
It is a good idea to be prepared for the upheaval that comes with any move and the process of buying a home. Talk to your children about what is happening and allow them to express opinions on where you will live. Read on for some of our top tips to make the change from renter to homeowner.
Be Prepared To Settle Down
Before buying a home, ensure you are happy in your location. It is easier to move around while renting, so consider the location carefully. Consider the future for your kids and ensure there are good elementary, middle, and high schools in the area.
Discuss The Change With Your Kids
Talk to your children in age-appropriate terms about where you are moving and why. Allow them to express their emotions and opinions. Tell them what to expect before, during and after the move. Bring them along to viewings and get their input on properties.
Save A Large Down Payment
The bigger your down payment, the better your terms for a mortgage. Aim to save at least 20% of the property’s value.
Build A Cushion Of Savings
Home maintenance can be costly, so ensure you have a significant cushion of savings. Understand the cost of significant renovations such as window and roof replacements. Take out homeowners’ insurance to help cover any unexpected expenses.
Understand The House Buying Process
Understand the steps to take when buying a home. Prepare yourself for the legal and financial requirements. Buying a home can take significantly longer than finding a new rental, so have patience. Find out more about the process for a first time home buyer from this informative article by The Home Loan Expert.
Work Out Childcare
Ensure you have appropriate childcare when you move and for appointments and other commitments. Ask friends and family for help or research local out of hours daycares or babysitters. Always check reviews and testimonials of any childcare facility and ensure they have appropriate qualifications.
Consider Home Renovations
Owning a home allows you to decorate and renovate as you wish. Discuss how to fix up your home with your family. Allow your kids to choose the décor of their rooms and have input on the rest of the house. Renovate slowly, room by room, to avoid additional disruption.
Learn The Common Fixes
Ensure you understand common maintenance issues and how to fix them. Research local tradespeople for issues you are unqualified to fix.
The switch to homeownership from renting can have many benefits. Always discuss any major life changes with your family and get your kids on board. Be prepared for the financial commitment and hard work that comes with owning a property.