TIPS FOR NEWLY MARRIED HOUSEHUNTERS

Home Advice

Article by TOM CALL

While both getting married and buying a new home can be very stressful, with some careful planning and the right mindset you can do both and begin your new life in a new home that is your very own. We've put together a guide for how to decide if homebuying as newlyweds is right for you, and if so, what you'll need to know to begin married life in your dream house.

WHAT DO THE NEXT FEW YEARS LOOK LIKE?

This is the time to evaluate any other major life transitions on the horizon such as making a career change that may include a move. To see a return on your investment, you need to own the home long enough for it to appreciate in value. If you know you might move in the next few years then now is the time to rent, not buy.

HOW IS YOUR CREDIT?

Do both of your credit scores put you in the right position for buying? If not, you may want to spend a couple of years cleaning up your credit to obtain the most favorable mortgage.

CAN YOU AFFORD THIS EXPENSE?

The biggest expense that comes with buying a home is usually the down payment. Have you saved enough to purchase the home you want? Additional costs are property taxes, insurance, maintenance, and an emergency fund. Look carefully at your budget to determine if you should work on saving more before making this big commitment.

Advice On A Home Loan

Married couples may be eligible for a larger loan by combining their two incomes. But the downside is that the bank will take the lower-scored person's credit into account, and this could seriously affect both the size of the loan and the mortgage rates for which you qualify.

How To Search For The Right Home

For many couples, this will be their first homebuying experience, and it can be nerve-racking. And while there are advantages to going through this experience as a couple, there are also downsides. Here is some advice for newlyweds buying a home.

The Search Begins Before You Start Looking

It’s important to define what you are looking for before you begin looking. Make separate lists of your priorities. Then combine lists, working together to prioritize what is most important to both of you. Now is the time to have an in-depth discussion with your partner about how each of you envisions your new home.

Keep A Clear Head

Choosing a new home is an extremely emotional experience. It is critical that you approach this from a place of rational decision- making. It is easy to fall in love with a house, but if it doesn't meet your budget requirements and your other priorities then it's not the right house for you. It's also important to keep an open mind. Sometimes a house doesn't emotionally move you, but if it checks all the boxes, it could be the right fit.

Practice Compromise

A big part of getting married is making compromises, and now is the time to put that into effect. You might believe that a certain house is the perfect one, but if your spouse hates it, then there is no way it is ever going to be right for you as a couple. Make a pact with your partner: if a house isn't right for both of you, it's not right for either of you.

GETTING

Married And Buying A House At The Same Time

That's a lot on the plate for anyone and there are some big drawbacks, the most obvious ones being time and money, but plenty of people do both at once. Here are some tips:

GET A HEAD START:

Weddings and purchasing a home both take a lot of planning. And finding the right home, and then going through the loan process and closing can take time. It's impossible to know exactly how long until you find the right house. If you have your heart set on returning to a new home on your wedding day, then the earlier you get started the better.

DO YOUR RESEARCH:

This includes both before and after you've found your new potential home. It's critical that you explore your homebuying options from every angle, from considering school districts to the current housing market. Once you believe you've found a potential home, you'll need to start the research process again, to make sure that this is the right one and will be for years to come.

WORK WITH PROFESSIONALS:

A great real estate agent is key that can provide guidance on the journey and even serve as mediators for the times when you disagree as to which is the right house and help keep you focused on your priorities.

GET PRE-APPROVED:

One of the most helpful things you can do is getting preapproved for a loan. This will help you understand how much you can afford.

DON’T RUSH:

Perhaps the most important thing to remember is to take your time. While it may have been your dream to start your married life in your new home, that dream is not worth the cost of getting stuck for years in the wrong one.