First comes love, then comes marriage, then comes…. a mortgage? If you’re recently married and are contemplating buying a home, this post is for you. Learn about the key factors you need to consider as you decide what kind of home will be the perfect setting for you and your spouse to build your future in.
Consider Your Budget First:
Before you get swept away with your house hunt, you need to determine how much money you have to spend on one. Consider your costs carefully, and don’t neglect to factor in things like a down payment, property taxes, and HOA fees. As you evaluate your personal finances, be sure to keep future goals (including whether or not you plan to have children), retirement contributions, and job stability in mind. And don’t forget to build in a buffer of savings money you can set aside for anything unexpected that life throws your way.
Once you’ve defined your ideal lifestyle, set a house budget that works with your income and long-term goals.
Agree on Must-Haves and Nice-to-Haves:
You’ll want to make two lists. On the first list, write down everything that you absolutely must have in a home. This can include things like number of bedrooms, distance to your work, and so on. Then, make a list of things that you would absolutely love to have in your home, but that wouldn’t be deal breakers for you. This will include things like granite countertops, a three-car garage or a pool. If you don’t have a clear idea of what you want, consider visiting a few open houses to get a better idea of what you like or don’t like before you start on your lists.
Having these priorities will help you narrow down your house hunting criteria and will give you a clear direction for your search. Then, when you do start touring homes, your lists will help you narrow down your options. Odds are, you’re not going to find a home that has every little thing that you want… but having a list of priorities will help guide your decisions.
Evaluate Your Long-Term Plans:
You may not be used to discussing every detail of your life with your partner, but as you prepare to make a huge joint financial investment, it’s important that you talk about your future. Life in a downtown high-rise condo is a lot different than the life in a move-in-ready single family neighborhood home. To figure out what you both want, discuss your goals, plans and desired lifestyle. Also, talk about your individual priorities and budgets to make sure the home you end up with fits your vision. Communication is absolutely critical in determining what kind of home will be the best foundation for both you and your spouse.
Use These House Hunting Tips to Find Your Ideal Home:
By taking your time, defining your budget, prioritizing what you want, and planning for your future – you and your spouse will be in a great position to find the perfect house to make your home.
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