Hi, I am a single parent of a 1 year old daughter. I am from Toronto, Canada. I am living in a small apartment on rent. I feel like it is better to move to the suburbs in a good neighborhood for the growth and development of my daughter. She is growing fast, I should be able to give her space. I also read somewhere, quite some time before, that growing up in a house in a good neighborhood is better for the mental and physical development of the child.
If I'm to buy a house, then I will have to get a mortgage loan. I think most people are buying their house on a loan these days. I looked at the rate chart ( https://www.butlermortgage.ca/rates/ ) And I can't figure out what to do. Maybe I have to see a financial planner. But, before I spend my savings on the house, do you think a child would benefit growing up in a quiet neighborhood than the busy city apartment? After all , It's on rent and I have to buy a house sooner or later.
I need to hear what you have to say about it. Please share your wisdom.
Re: Is a sub urban house better than a city apartment for the child?
I'd look at the safety of the areas, schools, etc and factor that into your decision as well.
TTC #1: Since November 2015
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I'd love to hear about a study that says a house and good neighborhood is better for development. I have to read that to believe it.
Good neighborhood, I can understand. You want to be safe when going outside. But, if you live in a good area of a city, I can't see how that would be harmful. I look forward to taking my child to the public park down the block from my condo and letting him or her interact with other children. I look forward to being a bus ride away from the public zoo and multiple world-class museums, rather than a long train ride requiring a full-day trip (like the suburbanites). I look forward to my child growing up among racial and economic diversity, rather than in a homogeneous suburb. My city is known for not having good public schools, although there are a few in the system that are among the best in the state. A lot of child development still has to do with good parenting, not just the school, so there's that to consider.
If you're nervous about buying a home now, don't do it. Who says you "have" to sooner or later? Take a fiscally responsible route, whatever that may be (i.e. renting and saving a nest egg / for college / for retirement), and focus on giving your child love and attention.
Smart homebuying decisions require planning. If you think you'd like to buy a house in the suburbs, start researching now. Save up a solid down payment. Your newborn will have no concept of where you live.
If you do feel that you need to move immediately, you can also look at renting a house in the suburbs.
DS1 - 7/2011, DD 12/2012, DS2 - 4/2014, MMC - 12/2015
If you don't have a down payment, you'll want to start saving ASAP. And if you have bad credit, it's trickier.
MMC: 09/13 (9 weeks)
DD: Born 8/22/14
Babies #2 & 3: Due dates 6/9/17
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