Toast to the start of a new life together! You must have been overwhelmed by the wedding preparations and all but here’s another milestone to unlock on your married-life journey.
For most newlyweds, buying a house is the first big thing to do — something that will bind their union through the years and beyond.
The excitement of homebuying is the same as how you felt on your wedding day. That, also, should not be a real quick decision. As it is one of the most expensive purchases you will make together, you have to be cautious, well-prepared and most importantly, working on the same page.
There might be chances that your spouse would like to live in a tiny condo while all your life you’ve been dying for a classic Victorian house surrounded by a spacious garden where you can install a playhouse for your tiny humans on their way.
Throwing two different opinions in the mix can be discouraging, but it shouldn’t be a problem once you have learnt to compromise.
Sitting with a realtor is great for starters. But before doing so, take a few time scrolling through to check out some essential tips that will help you agree on the best home for you and your partner.
Discuss your budget.
Setting your finances is the most important step in house hunting. Both parties should talk about how much they can spend on a house. Regardless of the price you come up with, the budget must always reflect on your way of living. Choose something that suits your lifestyle because the last thing you want to experience from homebuying is having regrets in the long run.
A lot of couples are settling upon super-expensive houses that they get to live in for only a couple of months before deciding to rent them out. Obviously, it was too late to realise that a huge, fancy house is not easy to maintain. It’s like draining every single penny left in the bank and it’s totally not healthy for your finances.
If you are looking for a lifetime house, choose something that’s within your ideal price range.
Know your priorities.
Determine your needs when choosing the type of house you want to live in. Aside from the budget, these are also the things that must be put into consideration:
- Do you need a dwelling place that is accessible to your office?
- Are you expecting a small or big family?
- Which type of neighbourhood do you prefer?
- Do you picture a house located in a busy town or in a remote area?
- How do you want your house to look like?
- Do you need some garden or parking space?
- Is it worth it to have a yard of your own?
Whatever your priorities are, try to make separate lists so you can both narrow things accordingly, compare, justify and lastly arrive at one final decision.
Also, read 7 Most Popular House Structures: Which Type Suits You Best?
Explore mortgage options available.
Unless you have enough cash on hand, considering a housing loan could be the best option for you. Do some online research to find reputable lenders and mortgage options available before getting a pre-approval.
If you and your spouse are both working, you may choose to apply together so you can get a higher pre-approval amount. Depending on your income rate, credit score and available cash for a downpayment, you will be asked to choose between the following terms:
- Mortgage Length (typically from 15 to 30 years)
- Downpayment Size
- Fixed or Adjustable Rates
- Total Closing Costs
Talk to an expert.
Finding an expert from a reputable real estate agency is ideal for first-time homebuyers, with a thirst of information and advice regarding the house hunt. Realtors are not only skilled in finding the best homes, but they also know the local market better. Hence, they can tell whether or not the house features match the price.
