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Purchasing Your Dream Family Home: Key Considerations

The average home price in the United States is $374,900 with Ohio, Oklahoma, Michigan, Iowa, and Missouri being some of the most affordable states. While purchasing your dream family home can help improve your quality of life, facilitate your lifestyle, and enhance the family dynamic, there’s a host of crucial considerations involved. By taking time to consider your needs, budget and financing options, and the property’s ideal location, you can make a success of your house hunt.

Consider your needs

Searching for your dream family home can seem overwhelming, but you can simplify the process by spending time honing in on your desired key features, which in turn significantly narrows down your search. For example, how much space do you need? How many bedrooms? Do the bedrooms need to be the same size? Are you looking for open-plan living? Also think about whether the home can be extended if necessary in the future; this increases home value while providing access to extra space without forcing you to move again to a bigger property as your family grows. 

Consider your budget and financing options

Setting a budget can help you get a clear idea of what you can afford realistically and focus your house search within a set price range. Knowing your budget can also help clarify any areas you may need to compromise on. Keep in mind, in addition to your down payment, you’ll also need to set aside money to cover closing costs associated with your mortgage (typically ranging from 2%-5% of the loan principal). As for financing your home, you have a number of loan options available. For example, jumbo loans (or non-conforming conventional mortgages) are specifically designed for high-value properties larger than normal in terms of loan amount. So, what qualifies as jumbo loan? Although it varies between states, the loan limit is generally $548,250 across most of the country with states like Hawaii, California, and New York being more expensive than average. If you’re looking at a family property that exceeds the conforming loan limit for the state it’s located in, a jumbo home loan can help you finance the property. 

Research locations

Selecting the right location is key, so think about the current and future needs and priorities of everyone in your family. In particular, take time to research potential schools and zoning areas, before eventually visiting them to check if they’re a good fit for your children. Also, consider your commute to work and how long it’ll take from the property. It’s also important to check transport links to your nearest city, as well as whether there’s family-friendly restaurants, parks, walking trails, and activities within walking distance. 

Finding your dream family home can be challenging, but there are ways to make the process as easy as possible. By clarifying your needs, setting a budget, and considering your finance options, and researching locations, you can make your hunt for the perfect family home a success.

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