Things to Consider for Dual Income Families
Dual income families can set you apart so you can be financially stable and comfortable.
Purchasing a home is a whole new avenue in a person’s life, for it opens the door to numerous excitements in life, that were previously unknown; for example, a place that your family can enjoy knowing it’s their own. And a major plus point is, now your children will have the much sought after room to ensure a sound upbringing. That smile on your family members’ face is invaluable. However, there are a lot of things to consider before taking the decision to purchase a house.
The primary questions are: will that purchase make sense? Which actually means: will this home be suitable for your family members in the long-run? What about if you just commenced your family life, with the opportunity of growing it in the near future? In such a case, this would not be feasible for you to buy a two bedroom house. Surely it would not be a problem when you are thinking about containing your family to a one kid status. But, if you are awaiting baby number two, some thinking is a must. As soon as the baby sees the face of light, you will have to hunt for another house with more rooms – and that could be something hectic. The renewed costs of realtor fees and transfer taxes could eat up a big share from your profit pie. The general rule of thumb is, selecting a house where you will spend at least five years; even if it means not implementing all those upgrades for a fixed period. It doesn’t really matter, since you can do the upgrades whenever you can afford.
Sometimes buyers find themselves in a common situation where they are more in love with the decoration and finishing, instead of the house itself. Playing this trick for developers is nothing new to make you feel that this one place is what you want in the first place. But with all the furniture removed, you might find yourself in distress, sensing this is not what you wanted. Perhaps, those stairs didn’t come as a shock for you since it added a vintage taste to your house. But soon, situations like moving your baby up and down every hour could be quite challenging. And you realize this only when you deposited the full payment against the home.
Being in the right neighborhood is another thing that every buyer must consider. A neighborhood crowded by children and making noises all the time will be out of question for you and your spouse, especially when you two are busy professional looking for room to concentrate in the field of your work. Whether you select city or suburb to live in, there must be enough recreational scopes for your kids. So the perfect neighborhood is something that goes hand in hand with your lifestyle.
Another important question to ask yourself is: can I afford this for good? Assess what kind of pressure the new house will put you into, depending on whether you are a single or dual income family. What if when you don’t have a steady source of income? Will you by any chance get financial assistance from any other sources? Or, will there be other spending that will take away a significant portion of your income? Like when you are planning to send your kid to a private school. Can you still cope with those mortgage payments and higher rate of interest, in this economy?
These are only a few basics to consider when entering the real estate arena. Ultimately, common sense will help you to prevail. Always remember to leave your ROSE colored glasses at home, when shopping for new house!