Are you and your spouse/significant other planning to purchase a new home? While there are several important steps to consider to ensure you’re making the right decision about buying a home, one thing you should take into account is whether you plan to have kids in the future.

Why does this matter? Everyone’s needs are constantly changing. While a one- or two-bedroom condo may be plenty of space for you both now, if you’re thinking of having children in the future, then your condo may become too small once your first child is born. Additionally, if you want to recoup your investment, it’s best to plan on staying in your home for at least five years or more.

So, if you don’t want to experience buyer’s remorse, you should consider the following questions to help you determine what kind of home is right for both of you and your future needs.

1. Do we plan on having children? If you want to live in your new home for the long-term, then you need to choose a house that will give you plenty of room for a growing family. You should consider:

• How many bedrooms will you need?
• How big are the rooms?
• Does the home have a laundry room?
• Does the home have a back yard?

2. Where is the home located? When you’re in your ‘20s, a home near restaurants and nightlife may be ideal, but once you have a family, this may not be as appealing. You should consider:

• The quality of the neighborhood – Is it economically safe (i.e., low crime rates and well maintained homes and yards)? You want to sustain the value of your home in case you do want to sell in the future.
• Are there young families in the neighborhood?
• Is it close to shopping and parks?

3. Within what school district is the home located? A good school district not only determines the type of education your future children will receive, but it also affects home values. Plus, if you do eventually plan to sell your home, a good school district may be of great interest to potential home buyers.

4. Where do you both work? Not only do you need to consider your current jobs, but you should keep in mind any future jobs. A home that is centrally located, or near main roads or public transportation, will reduce commuting times. Also, is the home located near shopping and doctors’ offices?

By keeping these considerations in mind, you can make a smart decision in buying a new home for both your present and future needs. If you have other questions about buying a new home, contact a reputable mortgage broker. They’ll be happy to review your situation with you.