Three things to consider when buying a family home

Finding the perfect property is usually much easier said than done. Whether you’re just starting the search to buy a family home or you’ve been looking for months (or even years) without any luck, the key to finding the right property often comes down to three main factors—lifestyle, location and budget.

Let’s take a look at these in a little more depth…

  1. How well it suits your family

Functionality is one of the most important factors when buying a house. Before you waste hours browsing through listings and rushing to open houses, it’s a smart move to invest a little time defining exactly what is and isn’t important to you.

Start off with the core features, working out how many bedrooms, bathrooms and car spaces you need right now—these are your must-haves. Then think about any other things that would be ‘nice to have’, like an extra bedroom if you decide to have more children in the future, a dedicated office or study, multiple living spaces, or a spacious outdoor area.

Once you’ve developed a list of the things that are essential or ‘nice to have’, it’ll be a much easier task when you start shortlisting potential properties.

  1. A great location

It’s no wonder location is often considered to be the most important thing when buying a property. 

Not only do we all want to find a home that’s likely to generate some solid capital growth, but we also want to live in a location that offers the shortest possible commute to and from the office each day, while also having shops and other amenities within easy reach. 

Most people also want to live in close-proximity to their family and friends, and if there are children in the picture (particularly older children), you’ll also need to consider any schooling, sporting and other commitments.

While there’s no question that finding a home in a great location is important, it’s also extremely rare that a home in your ideal location will also come with your ideal price tag. Which brings me to the next point…

  1. Budget constraints

Budget is usually the bottom line for most of us. While it’s wonderful to have grandiose ideas about a spacious, beautiful home in the best suburb, the reality is very few of us can afford the dream home.

While one option is to follow the age-old advice of buying the worst house in the best street with a view to renovating it down the track, if that’s not feasible or you’re just not the renovating type, you’re likely looking for other options. 

That could mean considering smaller homes or widening your search to include the surrounding suburbs. Or if you love the idea of a brand-new house and are willing to compromise a little on location, a house and land package is another alternative that could prove to be a great move as you can choose a home design that will suit you family perfectly.

Ultimately, finding the ideal family home often comes down to working out what is most important to you, and balancing that with the things you’re willing to compromise on. While the search may at times feel impossible, maintaining a clear picture of what is and isn’t important to you should help you along the way to finding the one that ticks all the boxes.

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