6 tips on buying a home that can grow with your family

Published on November 19th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Navigating the property market to find a home that will meet your needs can be tricky, especially when you are looking for a property that will grow with your family. Considering your family’s needs and the home features can make you be on your way of finding a home that will grow with your family. Here are six tips that can help you find the right home.

1. Spacious living

Space can be a major factor when it comes to finding a home that can grow with your family. This is usually top of the list for family’s that are looking for a property that they can grow with. Check to see if the property has enough rooms for a growing family. A house that comes with a backyard or a yard in front can be great for your children to play in, but also check that there is enough space.

2. Storage

More Aussie families are finding themselves taking up apartment living due to the high property costs. According to the Australian Bureau of Statistics, 44% of people who stayed in apartments were families. Storage can be an issue especially when you have children, which is why consider if the property has adequate storage space or if you will be able to purchase smart storage furniture for it.

3. A family friendly neighbourhood

Where you choose to stay can either give you serenity or mess with your sanity. If you are planning on having children or already have children, it is vital to check if the neighbourood will be a conducive area to live in. Having a house that is close to all the important amenities such as schools, shopping centres, transport, and medical facilities can be a worthwhile investment. You may find an issue if you choose a property in a noisy area.

4. Is the layout suitable

Before buying a house have a look at the layout, especially if you have toddlers. Open plan properties can give you a good view of the house at all times which also means that you will be able to spot your child more easily. Having bathrooms close by to bedrooms can be beneficial, especially if you have elderly parents who will be stopping by often.

5. Does it have security features

Protecting your loved ones is the most important thing, which means finding a house that can provide you with such features. If the house doesn’t come with such features then it is worthwhile to consider the cost of installing security around your home.

6. Affordability

Purchasing a home comes with a range of expenses that need to be carefully considered. Before getting a pre-approved home loan it is essential to check if your budget will be able to handle the cost of owning a new home. Using a loan calculator can give you an estimate of how much you will be paying over the loan term. It can also let you know if the interest rate is affordable for your budget.

Speaking to a financial advisor is also helpful when it comes to finding something that is suitable for your finances. Remember to look out for the interest rate, ongoing fees, and charges that come with it.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for home loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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