What Do You Know About The Cost Of Adoption?
You know you want to adopt a child and start or expand your family, and you know you must prepare for the role. Do you know how to create an adoption budget?
U.S. News & World Report explores common costs associated with adopting a child. Get an idea of how to protect your financial health while welcoming a new child into your home.
Before adopting, you must first undergo a home study to ensure children remain safe in your care. Besides the price of the home study, which may range between $1,200 and $4,000, you may want to buy a new home for your children to grow up in, or modify your existing home to make it child-friendly. Either way, you must factor in the cost of a new home or home renovations.
Would you feel more comfortable consulting with an attorney while navigating the adoption process? If so, add legal fees to your adoption budget.
To give expectant parents an idea of who you are and the environment you create for a child, you may assemble a profile book. The cost of showing what makes you a great parent could run from $500 to $1,500 if you desire the most professional product possible.
You do not have to see an adoption consultant, but you may prefer professional assistance to help you through the process. If so, budget to pay roughly $4,000 for a professional’s services and insights.
Expectant parent expenses
If you want to adopt a newborn, you may have to support the expectant mother financially. This includes health insurance, maternity clothing, transportation and rent.
Confer with professionals to see how much you should anticipate paying to adopt a child.