Home > 2016 > Mortgages

6 Things to Consider When Your Family Outgrows Your Home

Advertiser Disclosure Comments 0 Comments

When you have a growing family, you’re plenty busy — one of the last things you want to add to your to-do list is packing up boxes of your belongings and then unloading them a short while later. But if your family has outgrown your home, it may be what you’re faced with. And there’s a lot to think about during this process.

“Deciding whether to move or buy a new home is a very personal decision,” Jeremy Wacksman, the chief marketing officer at Zillow, said in an email. “A house is not only one of the biggest purchases you’ll ever make, but it’s also the place where you and your family will live and grow together.”

If you’re thinking your family needs a new home because you’ve outgrown your current one, here are six things you should consider.

1. What Will Your Commute to the Office Be Like?

It’s important to think about what affect your move will impose on your commute to work. Wacksman recommends asking yourself how long you are willing to spend on your commute and if there are good public transportation alternatives you can consider. In addition to how long you’ll spend going to and from the office, you may want to think about the cost of your commute and see if it fits into your budget. In fact …

2. … What Will Your Budget Allow?

Your commute may cost more or less, depending on where it is in relation to the office, but that’s not your only expense. Of course, if you’re looking for a new home to accommodate your growing family, it’s likely going to cost you more money. Review your budget — including what bills and loans you have to pay — and get an idea of what you have left to pay for a new home. To help, you can use this tool to discover how much house you may really be able to afford.

3. How’s Your Credit?

Your credit is a determining factor in what mortgage you get, including the interest rate terms and additional charges that may accompany your home loan. It’s a good idea to look at your credit before you apply for a mortgage so you have an idea of where you stand and if you should do any work to improve your credit before applying so you can get better terms and conditions. You can get a copy of your free annual credit reports from each of the major credit bureaus — Equifax, Experian and TransUnion — by visiting AnnualCreditReport.com. You can also see two of your credit scores for free, updated each month, on Credit.com.

4. What New Amenities Do You Need?

As you consider your home upgrade, decide what the ideal scenario looks like and what the absolute essentials are. “From additional bedrooms or bathrooms, to a larger yard or kitchen for entertaining, make sure to have a list of what features you and your family need most,” Wacksman said.

5. Would a Remodel Suffice?

Now that you’ve decided what you absolutely need to make your home more comfortable for you and your family, it’s time to consider if your current home could be upgraded to accommodate your needs.

“Depending on your needs, sometimes remodeling might be a good option for homeowners rather than buying a new home,” Wacksman said. “Maybe you love the location of your current home, but dream of having a bigger kitchen” so a remodel would be the more cost-effective option.

6. Consulting with an Agent for Guidance

“One of your biggest assets when buying a home is your real estate agent,” Wacksman said. “They’re really your local expert and can help you save time, money and work with you to understand what homes might fit best for your family’s needs.”

Image: andresr

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Our Owners

Credit.com is owned by Progrexion Holdings Inc. which is the owner and administrator of a number of business related to credit and credit repair, including CreditRepair.com, and eFolks. In addition, Progrexion also provides services to Lexington Law Firm as a third party provider. Despite being owned by Progrexion, it is not the role of the Credit.com editorial team to advocate the use of the company’s other services. In articles, reporters may mention credit repair as an option, for example, but we’ll also be sure to note the various alternatives to that service. Furthermore, you may see ads for credit repair services on Credit.com, but the editorial team isn’t responsible for the creation or implementation of those ads, anymore than reporters for the New York Times or Washington Post are responsible for the ads on their sites.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team