So, you’re expecting a baby or maybe you’re just thinking about it.
There’s no doubt that having a baby is life-changing.
And it leads to important decisions about your future, too, such as getting a higher-paying job or maybe getting life insurance for the first time.
However, one of the biggest choices you may face is whether to move to a new home.
It’s not easy to relocate during a busy time, but it can be an exciting opportunity to start fresh and enhance your growing family’s life.
Let’s go over some things to think about before making a decision:
Figuring out your new needs
Take a moment to imagine what your living space might need to look like when your baby comes into the world.
Ask yourself if you have enough space in your current home or if you’ll need more bedrooms.
Would babyproofing be easy or are you looking for a more kid-friendly layout?
Then think about where you might want to live with your child. Some popular neighborhood features families might look for are good schools, convenient shopping, and transportation.
Does your current neighborhood have similar amenities, or do you want to look elsewhere?
Think about timing
Since moving to a new home is challenging in itself, you may want to plan a move before getting pregnant or even a year after your child is born.
This could allow you to concentrate on the pregnancy and your new baby without the added pressure of moving.
If that’s not possible, the second trimester could be a good time to move, since this is when many expectant parents feel most energetic.
If your move includes buying a new home, think about the down payment, the monthly mortgage, property taxes, maintenance costs, and homeowner’s insurance.
If you plan to rent a new home, factor in the deposit, any realtor fees, the monthly rent, and renter’s insurance.
Your expenses might also include hiring professional movers or a moving truck, buying furniture, paying for utilities, and other services you need.
Research the cost of living in your new location to make sure that you’re aware of any higher prices.
Getting your finances in order
So, now that you know where, when, and how much, it’s time to organize your finances.
This can mean anything from making sure you have enough in your emergency fund to creating a budget.
Making a budget can be a great way to get your finances in order and to make sure that you have enough money to cover moving, living in your new home, and . . . having a baby!
Life insurance is another tool for financial security–and for peace of mind.
New parents on a budget often choose term life insurance, which offers coverage for a specific period of time, such as 10, 20, or 30 years.
If you pass away unexpectedly, your beneficiaries can receive a death benefit, which could be used to cover costs such as mortgage or rent payments as well as other living expenses.
The bottom line
Moving to a different home can be an exciting time for your growing family.
However, it’s essential to understand your needs, timing, costs, and finances before making the big move.
By carefully considering these factors, you can ensure that you make the right decision for yourself and your family.