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Financial Guidance Library

Helping others achieve financial success

Financial Guidance Library

Bigger Family. Bigger House.

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When it comes to giving a growing family the room to play and grow, buying a bigger house is definitely on the “to do” list. Whether you’re ready to make the move now or in the near future, keep these things in mind when searching for the perfect family home:

What can you afford?
It’s no secret that raising a family is expensive. One recent estimate suggests that it costs nearly a quarter of a million dollars to raise a child to age 18. A larger home may give you more room, but you’ll also have an increase in expenses such as heating, electric and yard maintenance. Add it all up and budget accordingly.

Where should you live?
Many families find that they need to move pretty far from their current neighborhood to find a larger house in their price range. This may mean you’ll leave your support network behind (i.e. grandparents, babysitters, friends). Weigh your options and analyze your personal situation to reach a decision that suits the whole family.

What size home?
A larger home is the goal, but remember, larger also means higher payments, increased property taxes and utility bills. The solution: don’t buy more than you need. Determine how much square footage your growing family can fill and aim for that number.

And don’t forget to factor in any additional kiddos you may be planning to have in the future!