By Meghan Belnap
As your family grows, it's important to create an environment that's conducive to creating lasting experiences and memories. That's why you should ensure your family has a comfortable and spacious place to live.
Related: How to Afford a Luxury Family Home With a Reasonable Mortgage
If you're a part of a beginning family, you'll need to consider which type of home will work best for you. Here are some things to think about:
Cost
Buying a home is a massive investment that'll require upfront costs. You'll need to consider whether you have enough to cover the down payment, closing costs and more. Sure, it's possible to negotiate a portion of the fees with your agent's help; however, you don't want to come to the table with no money down.
Maintenance
Once you've purchased a home, you'll want to consider the cost of maintenance. This is one factor that many people don't fully take into consideration. It's wise to set money aside to cover expenses like repairs and updates. It's also really important to consider monthly maintenance costs, like various utility bills.
Resale Value
If you decide that your next home is where you'll want to set your roots, you don't need to worry about reselling your home; however, if you know that you'll want to upgrade within the next 5-10 years, it's a good idea to consider the resale value of both options. If you were to add a few upgrades to a single-family home, the impact it can make in terms of how much more money you'll get when you resell can be major. A professional who offers real estate services can help you work through those details to help you decide the most feasible option for your family.
Space for Kids
The more children you plan to have, the more space you're likely going to want. While you can maneuver around the dilemma of limited space by using bunk beds and room dividers, that can only last for so long. Think about the future members of your family and the space you'll need as you figure out the type of home to buy.
Ultimately, you need to make a decision that honors the goals you've created. As you think about your goals, your family's future and the reality of your situation, it'll be easier to make the decision that works best for you.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She finds happiness in researching new topics that help expand her horizons. If you're looking to buy a home in the Pueblo, Colo., area, Belnap recommends RE/MAX of Pueblo Inc.
