Finding the Perfect Home for Your Growing Family

Whether you’re expecting your first child or your third, your home requirements may change when your family grows. A cozy condo might have been suitable for two people, but a growing family requires more space.

A 2017 National Association of Realtors (NAR) study found that 37 percent of homeowners may change homes because they’ve outgrown them. However, finding the perfect home can be challenging if you’re sure about what to look for during your house hunt. Following the right steps by educating yourself about the process can help you find the ideal home for your growing family.

Research Mortgage Rate Trends

Finding out the borrowing costs associated with a mortgage is essential when finding the best mortgage rate. This includes learning about the mortgage rate trends and the current prime rate in Canada. The prime interest rate Canada  banks charge their best customers is now 3.2 percent, but the number can fluctuate.

Researching the mortgage rate trends will help you compare historical rates with current ones. Learning about the past mortgage rates may give you a better idea of what to expect if rates rise in the future as inflation rises.

Determine Your Affordability

It is important that you know how much you can afford before investing in a home. The Canadian housing market witnessed a boom in 2020, and the market is gradually cooling down. According to The Canadian Real Estate Association (CREA), national home sales dropped by 12.6 percent month-over-month in April 2022. Although the house prices may go down due to reduced demand, can you afford to buy a home?

The best way to determine your affordability is by using a mortgage calculator to get an accurate idea of what your monthly payments may look like when you get a loan. Knowing your potential costs will help you find a home that best fits your price range without financially burdening yourself or your family.

Select the Right Neighbourhood

The location and neighbourhood are key factors when finding a home for your growing family. You want to choose a place that is safe, close to basic amenities, and has low traffic so that kids can play. It is also essential to consider whether or not there are schools nearby.

Your choice of location may also determine your commute times and access to certain facilities, such as gyms and parks. Try to find a location with reliable transportation to cut commute times.

Look for Kid-Friendly Features

After you find a suitable neighbourhood, look for kid-friendly features when looking for a home. You might want to consider storage space to accommodate your children’s toys, clothing, and other essential items.

A kid-friendly home should also have a staircase that can be easily gated and a fenced yard to provide a safe place to play.

Consider Future Plans

Purchasing a home is a significant investment, so it is important to consider future plans to avoid any mistakes. You might have one kid now, but if you plan to grow your family further, it might be worth investing in a home that can accommodate a bigger family.

Finding the perfect home for your growing family requires some effort, but following the proper steps will ensure that there’s no room for regrets in the long term.