Advice on buying a home and starting a family around the same time?

[AlliC]

My husband and I are considering beginning to try starting a family, and are also planning to buy our first home in the next 6 or 7 months (looking before then, but closing around October or November). Do you have any advice for us, or do you think we should wait until we have closed on a house before making this other step in our lives?

[BrianaHartzell]

AlliC, I asked Scott Halliwell from the Financial Advice Community to weigh in on your big decision and here are his thoughts: "I think its safe to say theres never a perfect time to start a family. Also, Im sure we all know someone who can attest to the fact that just because you intend to start a family at a certain time doesnt mean the timing will work out as you plan. With that said, I do think its wise to contemplate your life circumstances before taking the leap as AlliC is doing here. Having two children of my own, I can tell you first hand that accompanying all the great aspects of parenting and children is one sometimes significant drawback they can be really expensive. Consequently, its ideal if you can have your financial ducks in a row as much as possible before stepping into parenthood. Coming back to AlliCs question then, if the only aspect of life were considering here is finances Id probably take on one of these major issues at a time either the house or the family. Id let the dust settle on that decision for a while (and let the financial aspect settle out) then take on the next issue. But thats looking at this from a purely financial perspective and we all know that sometimes thats not the only lens through which we should view such important decisions." -Scott Halliwell AlliC, I hope you found Scotts advice helpful! Starting a family is an emotional decision, so I think you should go with your heart, but just be prepared for baby and home finances combined! I wish you the best of luck! -Briana

[time traveler 2012]

AlliC...parenthood is wonderful phase in life. Being a parent myself I have to agree with the above comments about the expenses. Also when buying a house it take a lot of work regardless if it is new or an older house which requires time to dress it up as you would like it to look. With that in mind. Try to enjoy your marriage first with your hubby and together enjoy the house for a while then start your family. Like with all new things House, Family, there is some fixing up and getting ready to make it just right. good luck

[Aniela]

AlliC, My sister-in-law did exactly that! They started a family, and in the middle of her pregnancy they bought a house. And, not just any house, a historic one that needed some serious TLC. With much determination, hard-work, family help,and I'm sure expenses, it all turned out wonderful! Healthy baby, and beautiful home just in time. So, this can definitely be done, and be done successfully if you are absolutely sure that you can afford it and deal with all the stress. However the end result will be worth it.

[robdhubb]

First, some times in your life requires relocating quickly in order to land a job. (Some employers want you to "be there Monday"). A house will be a cumbersome anchor in that case. Having moved around a lot during the last thirty-eight years and seeing all kinds of home market swings, the general opinion I would offer to a younger couple is to, when you buy, buy very carefully and plan to stay in that home until the market recovers -- which could still be years away. In short, plan to stay in your home for a long time because the decision you make will be one that will be costly from which to extricate yourselves for years to come.