Tuesday, 15 March 2016

All You Need To Know About Buying A Family Home

If you’re a new parent, chances are you will be looking at purchasing your first family home, if you don't already own one. Its a tough decision and lots of parents (people!) panic at this stage as they don't know what to do.  So, here’s all you need to know about buying a home:

Financing Your Home

For the majority of people, buying a family home will be the biggest financial decision of their life. If you have no idea how much a house costs, then have a look at some property websites. You’ll quickly see that most properties for sale are for hundreds of thousands of pounds. In some cases, you could even be looking at paying millions. It’s safe to say that you won’t come across anything this expensive in all your life.

Now, you might be wondering how on earth you can afford something this expensive. You’ll take a look at the family finances and see that you’re nowhere near able to afford the cheapest home out there. However, don’t fret, there are ways you can finance your home and pay for somewhere to live. So, how do you do it? You look for alternatives to help get the funds to be able to buy a house for your family to live in.

There are multiple ways in which you can do this, the most popular of which is to get a mortgage. A mortgage is basically a huge loan that you’ll take out to cover the cost of your home. There are different types of mortgage; you can get regular ones or lifetime mortgages. Then, there are different variations of each mortgage based on interest rates and payment plans. It can be quite a complicated thing to get your head around but there’s lots of help out there. The important thing for you to know is that a mortgage can help pay for your home. You put down a deposit, and then the mortgage loan covers the rest of the payment. Of course, as it’s a loan, you have to pay the money back, but over a long period. So, you don’t have to fork out loads of money all at once; it’s spread out over years and years.

Other ways people finance their home is through savings or relatives. If you have been saving from a very young age, you might be able to raise the money to buy a small home. It’s rare, but some people can do it. Similarly, your family may give you money to help you pay for a house if they’re feeling generous. And of course, some people don't buy a house but rent it instead. So, you pay a monthly fee to live in rented accommodation. It’s crucial that you figure out the best way for you to finance your family home.




family home, finance, home purchase

Finding The Dream Home

It’s important that you try and sort out some finance options before you go house hunting. This way, you’ll know how you’re going to pay for your family home. So, when you find the house of your dreams, you can move things forward quickly. Otherwise, you could take ages sorting out payments, and another family could come along with the money and buy the property before you. Sort out your money and then you can start looking for the dream home.

The big question is, can you actually find the house of your dreams? Does such a house exist? The answer is yes. Every family will have a vision of a dream home, it just might differ from other peoples. You may want a big country house with lots of bedrooms and a large garden. Another family might be looking for a small, rural, house that’s in the middle of a city. Every family will have a list of factors that determine what they’re looking for in a home.

Firstly, you set a price cap of how much you’re willing to spend on a house. Normally, you can visit a financial advisor and they’ll help you figure out how much you can afford. This gives you a maximum price, which narrows down your search already. Then you think about location; where do you want to live? As I mentioned earlier, some might want to live in the country; others prefer the city. How far away is it from your work and any schools? The location largely depends on what is more convenient for your family. After that, you’ll look at the size of the house. By this, I mean how many rooms/bedrooms are in it. Small families aren’t going to need a house with as many bedrooms as a larger family. If you have a four person family, you may only need three bedrooms so it would be a waste to get somewhere with five or six of them. The last thing on your list will be any extras the house can boast. I’m talking about stuff like a big back garden, a garage, solar panels on the roof etc. These extras can mean a lot to certain families and you might have them down as essentials.

All families will go through this list when they’re searching for a home. The difference is, some families might want different things from each point. If you’re getting ready to look for a house, then you need to have this list written down with everything you’re looking for. It can help you search for the dream home and find somewhere that’s perfect for your family. Finding an ideal home to raise your family is so important, especially for young children growing up.

And that’s all there is folks, I’ve tried to give you as much information as I can about buying a family home. Keep in mind, buying a home is a massive life decision so its worth making sure that you are ready and fully prepared for it. Don't rush anything. Take the time to ensure you do everything properly and by the book - with a decision this big, you don't want to mess it up!

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