Parents want a place to call home and make great memories. Perhaps they want to pass them along to their children so they can continue the family’s legacy.
Here’s the thing about dreams, though: Sometimes they’re irrational.
Does this mean you should give up on them? Of course not!
It simply means you have to think ahead and plan your financial future. One decision you might make is to wait to have kids until after you’ve bought a family home.
Why wait? Here are five solid reasons.
First the Family Home, Then the Kids
The U.S. home economy is going strong.
It’s unlikely we’ll find opportunities like we saw post-2008 housing crash. This was the time when home prices fell and became affordable to many families.
Now’s the perfect time to invest, for the following reasons.
1. Income Property Opportunity
You could continue to live in a small, cheap place while the property turns a profit by renting it out to single families.
It’s not too crazy an idea if you have the time and resources to buy and renovate homes into income properties.
2. Business First
Here are two interesting tidbits of data:
- It costs nearly a quarter of a million dollars to raise a child.
- You can buy a franchise for nearly 1/4th of that amount.
Of course, a franchise doesn’t mean guaranteed success. But it does create a unique opportunity to create an income stream.
This may enable you to afford a home faster than if you remained in your current occupation.
3. Securing Their Future
Owning a home is a huge commitment, but not on the same level as having a baby.
A study by the American Journal of Preventive Medicine found that frequent moving increased a kids’ risk of self-harm.
What kind of risks?
- Violent offenses
- Substance abuse
- Attempted suicide
These are extreme examples, but it’s something to think about when settling down. Having a family home ready (and safe) for them will reduce the possibility of these problems.
4. Feeling It Out
All homeowners have a few regrets about their home. They usually pop up after the deal is signed.
Some are small annoyances while others are major dealbreakers. Common disappointments include lack of quality schools nearby or a small, inadequate yard.
Owning the home before you “settle down” allows you to identify these quirks. It will provide telling signs if your home is ready for a family or if you need to make a move.
5. Making It a Home
The extra time you’ll have before having kids will let the house become a home. You and your significant other can live, travel, and have adventures together. You can stock your home with interesting items and give it charm.
The house will become a home that’s welcoming and safe for your newborn.
As your kids grow up, they’ll feel safe and secure. It’ll be somewhere they’ll return for the holidays and will forever hold a special place in their hearts.
Moving In Sooner Without Killing the Dream
Let’s not kid ourselves. Trying to buy a home while raising a family is a challenge.
You not only have extra expenses but a lack of time and flexibility.
We want you to imagine your life if you already owned a property — a life where income is generated by renting while you enjoy your freedom.
Sound like a plan? Get in touch and we’ll show you how it’s done.