Wednesday, October 14, 2015

Simple Ways To Save On Your Next Family Home


There are plenty of reasons why you might be looking for something a little bigger for your next home. Perhaps you are planning on starting a family, or maybe you have ideas of making your current family a lot bigger! Either way, moving into a larger home can cost a lot of money - but you can make some savings. In this guide, I’m going to talk you through some ideas for cutting the costs of your next family home. Let’s get started right away.


Use all of your savings for a deposit

Most people understand the need to save up for a deposit to buy a house. The days of 100% mortgages are long gone, unfortunately. Especially when you are moving up the ladder rather than just starting out on the bottom rung. But, most people will also save up the minimum deposit required - which isn’t always the best way to go about things.

It might be a higher initial cost to give a larger deposit, but it will make those monthly payments significantly cheaper. It’s those regular costs that tend to hurt the most, and not the deposit. That’s just a one-off payment that is just savings that you have anyway. With this in mind, don’t just go for the minimum deposit - pay off as much as you can.

Research like you never researched before

One of the most expensive sides to moving house is the sheer amount of money you have to pay out. Taxes, fees, and surveys all cost a small fortune before you have even signed any papers. There are many that see this as part and parcel of moving home, and to an extent, they are right. However, the more you move, the more of those charges you will face. So, research your next home like you would for a Ph.D. dissertation.

If you can be sure that you will love the area, the new house, and the lifestyle that goes with it, you will be more likely to stick around for many more years. Not only will you avoid all those charges and fees, but you will also have an opportunity to become a longstanding member of the local community. Also, it’s worth pointing out that moving home can be highly disruptive to children’s stability. The more you move, the worse effect it can have on their growth.

Bigger isn’t always better

Having a big home to raise a family in is a dream for a lot of people - but it doesn’t always turn out for the best. A lot of people will stretch themselves thin for a bigger home, but you have to weigh up what you can afford now to what you will spend at a later date. Raising kids is expensive - it can cost over $800,000 to bring up two children to the age of eighteen.

You’ll need to pay for nursery fees, sports clubs, activities, and holidays. You may even want to pay for their education - and will have to if they plan on going to university. So, if your mortgage is going to take away an opportunity for your children, maybe think about going somewhere smaller. You could look at apartments for sale or a smaller cottage instead. They will be cheaper to run, too, meaning you can put more focus on giving your child what they need, rather than spending on heating the house.


So there you have it - three things to think about before you buy your next family home. Let me know your thoughts!


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