It would be great if the first home we moved into were perfect. But sometimes life isn’t that simple. There are so many reasons why moving home may be the only option for you and your family.
Enhanced career prospects, better education for your children, and a more desirable community elsewhere are just a few of the reasons you might be considering upping and leaving your current home.
Finding the Perfect Place to Raise Your Children
When looking for a new property, you are likely to have to take a whole range of factors into account before you stand any chance of finding something that will suit everyone’s needs. But for now, let’s focus on three: affordability, educational prospects, and proximity to loved ones.
Each of these factors can potentially have profoundly positive or negative effects on your children, their well-being, and their futures. You want to make sure you give each due thought before signing up for any mortgage!
Here’s some great information to make the process just a little smoother. Finding the perfect place to raise your children that works for the whole family.
Your main priority when house hunting should be ensuring you find a suitable and affordable place to live. Will you keep your current house and rent it? Maybe use a company like Credible to refinance for a better rate? Or, will you sell and get a completely new mortgage? If you aren’t able to keep up with your mortgage or loan payments, you can end up facing all sorts of financial struggles such as visits from bailiffs, eviction, or repossession.
You can ensure that you are looking for mortgages that are affordable by making a budget. The first thing we should prioritize when we have a family is the importance of living within our means. The sheer number of people who do not live by a budget is absolutely astounding!
A budget allows us to examine our finances, analyzing what we have coming into the bank and how we should spend it (or perhaps more importantly, how we shouldn’t spend it). When people are unaware of how much they should outlay on specific aspects of their life or how they should divide the money that they have, they end up overspending.
Having an Effective Budget
The first step to making an effective budget is to work out your income. The amount that you see written down as our “salary” isn’t necessarily the amount that you have to spend. Many people misjudge their revenue thanks to this simple mistake to make. To be fully aware of take-home income, you need to work out your total income after taxes.
Work hand in hand with an accountant to be entirely sure of this. Once you have this figure, you should take out any existing essential expenses that you have. These can include monthly minimum credit card payments, cell phone bills, and different types of insurance. You should also estimate how much you spend on things like transport and food and drink throughout the month.
You can then work out what kind of mortgage you should look for by seeing how much is left. Use a home loan calculator to ensure the expected mortgage payments are lower than your budgeted figure. The loan calculator will include any interest that you will be paying as a part of your mortgage.
Remember to leave extra aside to be able to cover energy bills and property tax on your new property too!
Education tends to dominate many parent’s thoughts from the moment their child is born. After all, their schooling can determine their future success. So, it’s not all too surprising that so many parents take educational institutes into account when deciding where to raise their children.
After all, many institutions decide which students they will accept based on whether they fall into the local catchment area or not. If you’re planning on living in a given area, take a look at the schools located there and their performance record.
These are the institutions that will provide your children with knowledge. They are the place that they will spend most of the hours of their day. So you want to ensure that everything is top quality. This can be determined through independent reports which examine children’s attendance, happiness, and grades.
If schools you’re looking at fall below par in any areas, consider looking a little further afield. Look at other schools in the area. If they’re better and more up to standard, work out whether you will be able to commute there every weekday around your usual work to get your kids there on time. If this isn’t possible, it might be time to consider a move closer to these institutions, or perhaps moving elsewhere further afield and looking at educational options there.
Proximity to Loved Ones
One of the biggest worries that children express in regards to moving home is missing their family and friends. However, if you do find a property that’s far away from where you currently live, it’s important to remember that nowadays, it’s easier for people to stay in touch than ever.
We have phones, mobiles, video calls, and endless social media platforms. So, reassure your children and allow them to use your phone or laptop to keep in touch with old friends. This will significantly reduce their anxiety and also give them someone to confide in once the move has been carried out. You can always make visits or have visitors over for big occasions throughout the year too, which will allow for more face-to-face contact time.
Finding the Perfect Place to Raise Your Children
These are just a few different factors that you should bear in mind when you’re searching for the perfect property to suit your family down to a tee.