Having a child is one of life's biggest events, bringing many changes with it. These changes can include the need for a new car, adjustments to the budget, changes to parental leave conditions, and possibly a change of home.
It is very normal to move from a smaller to a larger apartment, and perhaps take the leap to something “even bigger”, moving from an apartment to a house or townhouse.
It is important to keep a level head here, as you often have a lot of expectations and ideas about the coming years that do not necessarily hold true. We have therefore tried to help you through the process with this article.
One mistake you can make is buying a home that you outgrow within just a few years. There are, after all, many costs associated with buying a home. These include loan costs to the bank, movers, administration fees to the housing association, new furniture, and much more. On top of that, there is the fact that you cannot predict what the housing market will look like.
How expensive is your baby?
There are quite a few financial considerations and changes when you have a child. A range of costs will arise in connection with growing your family, which you naturally need to factor into your budget. This could, for example, be costs for childcare institutions and baby equipment. This affects your disposable income every single month, so it is important not to overcommit to fixed costs such as housing or a car.
It is therefore a good idea to seek out a financial adviser. In most cases, people contact their own bank adviser, believing they will get the best loan terms that way. That is far from the case... This is where we at Bomae come in – we obtain offers from various banks and secure the loan offer and loan approval that best suits you specifically. The banks have a product they are trying to sell you, whereas we are your ally in need and gather the offers from the banks on your behalf. Bomae's financial advisers know all the workings of the industry, as they all have experience from the banking world. That is your guarantee of the best loan terms.
What to check before and after buying your home. Before you buy: childcare institutions in the area, station near the home, school districts, shopping options, number of rooms, number of square metres, check outdoor areas. Before you move in: buy a washing machine and possibly a tumble dryer, buy a coffee machine – you'll need it 😉, remember that you must not paint while pregnant, remember not to overload your body by carrying anything too heavy, look into the possibility of housing benefit if it is a rental home, sign up for any relevant childcare institution, sign up for any relevant school, consider eco-labelled (svanemærket) cleaning products for cleaning the new home, and consider optimising the indoor climate as much as possible – read more here.
From dream home to your actual dream home. For most people, buying a home is the biggest investment of their life, and having a baby on the way does not usually make hasty decisions any more considered. People often start the buying process with a long checklist of wishes and requirements for their dream home. What typically happens is that the checklist gets shorter and shorter, and in the end you compromise on some of your wishes.
The most important thing is simply not to overpay because you are under time pressure, and in some cases it may be a good idea to wait with the home purchase until after the birth, when you truly find out what your needs are. How much space do you need? Is a balcony a must? Should it be a housing co-operative share (andelsbolig), a freehold flat (ejerlejlighed), or a house? How do you check whether it is a financially sound association? There can be many questions, and it is therefore always a good idea to seek help from professional advisers. Here at Bomae, you get personal help from advisers who have sat on the other side of the table, who know the areas, prices, property types, and much more. Our advisers also handle the negotiation of your future home. This is your chance to go from dream home to your actual dream home with peace of mind.
Hundreds of legal documents... phew...
Last but not least, there are a great many legal aspects to consider before buying a home. Ordinary law firms start the clock running, and your costs just keep ticking upward. But you cannot avoid a lawyer altogether. There are, after all, hundreds of legal documents that need to be reviewed and handled. At Bomae, you will find legal advisers who are 100% on your side, and you can always give us a call if you have questions or feel unsure about something.
Bomae brings together all the advisers involved in a home purchase, and we are the only ones in Denmark who do.
Our goal is to ensure you a safe and calm home-buying process, so you can simply focus on enjoying the pregnancy and the wonderful time that follows the birth.
One small extra detail that can often become a challenge and a potential added cost is that health authorities recommend all pregnant women avoid painting, which is usually needed in connection with moving in and out. You can read more here.
Also read: Help with buying a home. We secure your new home. What is a will, a co-ownership agreement (samejeoverenskomst), and a prenuptial agreement (ægtepagt)?
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