What to Consider When Buying a Family Home

For many Australians, buying a family home is the most expensive thing they will ever buy. Subsequently, it is a huge commitment that requires careful planning and consideration.

It’s not just about finding a place to live; it’s about finding a home that meets the needs of your family both now and in the future. It is also about finding somewhere you can afford to buy without overstretching yourself financially at present or in the years to come.

With so many variables in the mix, it can seem like a very daunting process to manage. So, for this reason, we have put together this guide to help you understand what to consider when buying a family home.

Whether you’re a first-time buyer looking to establish yourself on the property ladder or an existing homeowner wanting to upgrade to a larger space, we aim to provide you with the structure and clarity you need to find your perfect family home.

Budget

One of the first things you will have to determine when embarking upon the process of buying a family home is what is your budget.

While you might have cash savings and be able to benefit from government backed incentive schemes like the First Home Owner Grant, for most people, the purchase of a property will require getting a mortgage.

It could be from a bank or a mortgage lender like Homestar Finance, with the amount they will loan you determined by your circumstances and whether or not you are a first time home buyer.

However, once you have been pre-approved and it has been determined how much you can borrow, you will be able to decide upon a price bracket in which to focus your house search.

Location

With your budget determined, you should turn your attention towards the location of your new home.

The locality of your home is a very important factor as it can have a significant impact on your daily life, as well as the long-term value of the property.

You will need to find a location that will serve most of your needs, as well as that of your family at present and as it may grow. Some of the factors to consider are proximity to work, schools, parks and other amenities like hospitals, airports, main roads and shopping centres.

You will also need to be aware of what your future might hold. For instance, do you plan to have children, or are you approaching retirement age? If so, how many good schools are in the area and what services are there locally for seniors?

Other things to bear in mind include how safe the neighbourhood is and what new infrastructure is due to be built there in the coming years.

Real Estate Agent

Choosing the right real estate agent is a critical part of the home-buying process.

It is important to look for an agent with experience and a track record of success in helping buyers find their dream home in your desired location.

An agent who is familiar with the neighbourhoods you’re interested in and has in-depth knowledge of the local real estate market can provide valuable guidance and insights throughout the process. 

Additionally, look for an agent who is responsive, communicative, and has good listening skills. Essentially, you should find someone who will take the time to understand your needs and preferences and can help you find homes that meet your criteria.

Home Size and Layout

Having settled upon your ideal location, you will need to pay some attention to the ideal size and layout of the home you want to buy.

In this respect, the home should have enough space for your needs both now and in the future, in terms of bedrooms, bathrooms and living areas. 

For instance, if you have young children, you may want a home with a playroom or a backyard for them to play in. Likewise, when they become teenagers, you might want to find a home with separate living areas for them to hang out with their friends.

Another important consideration is the layout of the home. You’ll want a home with a floor plan that works for your family’s lifestyle. For example, an open-concept living space may be ideal for families who like to entertain. While a more traditional layout with separate rooms may be better for families who prefer more privacy.

Home Condition

The condition of the home is another essential factor to bear in mind when buying a family home. 

Before purchasing any property, you will want the peace of mind of knowing it is in good condition and won’t require significant repairs or renovations (unless this is something you want to do).

For this reason, it is a good idea to arrange for a professional home inspection, as this will identify any potential issues with the home’s structure, plumbing, electrical, and other systems.

While this might not necessarily be a dealbreaker, if the report does uncover any issues, you can use this information to negotiate with the seller to have them repaired or receive a reduction in price to 

cover the cost of the repairs.

Age of Home

Something else to think about when searching for a family home is how old the property is.

While some older homes might ooze character and charm, they may also require more maintenance and repairs than newer homes.

Additionally, a newer property might be more up to code, need less maintenance work, and even be more energy efficient or environmentally friendly.

Homeownership Costs

As well as the mortgage repayments, the cost of owning the home is also a very important factor to consider.

Factors such as the cost of insurance (for both the location and property type/size), as well as council rates or body corporate fees, should be taken into account.

Also, you should pay attention to running costs like heating, electricity, water and gas, as these costs can add up quickly, depending on the size of the home and your family’s lifestyle.

Future Plans

We’ve previously touched upon considering your plans for the future.

It is particularly important if you are newlyweds looking to buy your first home or if you are wanting to grow your family. But it is also worthwhile bearing in mind some of the other lifestyle changes you might one day need or want to make.

For example, if you are planning on having an elderly parent or sibling live with you, then you might want to have a ground-floor master bedroom available for them. In a similar vein, a dedicated office space could be necessary if you will need to work from home regularly.

It might take some imagination, but it is worth considering lots of different scenarios as you never know what life might present you with.

Resale Value

You might plan on living in your home for many years to come. However, at some point, you will probably be looking to sell it.

This could be when your children have left the nest, and it’s time for you to downsize. If your family has grown and you need a bigger space. Or simply, if you have passed away and it has become a deceased estate that will be sold as part of your inheritance to your children.

Irrespective, it is prudent to give some thought to how easy the property will be to sell when the time comes.

Conclusion

We hope you have found this guide a useful resource when it comes to buying your family home.

At the end of the day, it is important to approach the home-buying process with a clear understanding of your budget, priorities, and preferences.

It also helps to have a trusted real estate agent on board and mortgage pre-approval from a reputable lender.

Armed with all of this, you will be much better equipped to navigate the process of buying your perfect family home with confidence.