Buying a New Home: A stress-free guide for growing families
Are you thinking of buying a new home? When you have a growing family, moving house can be a very stressful experience. At Warwickshire Mortgages, we regularly help families with their homebuying process. Our aim is to reduce any overwhelm by finding the right mortgage for your needs. In this guide, we share practical tips to help you find a new family home that can be future proofed to give you greater financial confidence.
Home buying readiness factors
If you already own your home, then you’ll be familiar with the homebuying process. However, taking certain steps will ensure your affordability meets the criteria for the mortgage needed for your next home. Keeping your debts in check and maintaining a good credit score will help to satisfy lenders, especially if you’re looking at taking on a bigger mortgage. Getting a mortgage Agreement in Principle will give you more buying power.
If you’re moving from a rental property into your first family home with a mortgage, there are some lenders who offer low deposits. Your rental history may be considered in terms of affordability, so make sure you don’t miss any rent payments. If you’re buying a new-build home, there are various options for homebuyers including Shared Ownership schemes.
Affordability is the number one question lenders look at when they consider your mortgage application. From your perspective, you’ll also need to make sure you have enough funds available to pay for surveys and conveyancing fees. Solicitors will usually ask for money on account in advance, so they can carry out all the necessary property searches.
Checklist when buying a new home
When you’re budgeting for a new home, it’s worth factoring in all future costs. When you’re property hunting, ask yourself the following questions:
• Does the property have enough space for your family to grow? If you have small children sharing a bedroom, they’re likely to want their own space as they get older.
• Will you need more outside areas as your family grows? If you have children who enjoy playing sports, then the garden size might be a key factor in future years.
• Does the surrounding area have all the amenities you need to support your family? Consider distances from primary and secondary schools, as well as doctors, dentists, shops, sports grounds, and any clubs they attend.
• How safe is the surrounding area? A good neighbourhood provides peace of mind for parents, while giving teenagers the independence to explore their community safely. Buying a home is a big investment, so choose an area that’s less likely to cause your property to depreciate.
• How much will it cost to heat the property? Check the EPC rating to see if any improvements can be made to lower the energy bills. If you have a large family, consider increasing electricity costs for multiple devices as they get older.
For more information, see our Home Buyers Guide: Getting ready for sale.
Finding a new mortgage deal
Moving house with a growing family can be a stressful experience, so it’s vital you find the right property for all your needs. At Warwickshire Mortgages, our team are here to help and we can answer all your mortgage queries. Whether you’re looking to buy your first family home or you’d like to port your existing mortgage, we’ll explain everything you need to know.
Thinking of buying a new home? Book a free, no-obligation, 30-minute chat with our expert team.