Table of Contents
Buying a home for the first time can stir up excitement and a ton of anxieties. Hurdle the unexpected setbacks during the home-buying process through careful planning as a newly married couple.
The thought of buying a house, a condominium unit, or a townhouse for the first time as a newly married couple certainly sounds romantic. But the moment you take that plunge and get down to the nitty-gritty aspects of purchasing a home could become a nightmare if you fail to consider the nuts and bolts of what it takes to buy that dream house of yours and figure out how to really go about it.
Unless you are fortunate enough to have a trust fund where you could dip your hands into to pay for that house or your parents or in-laws are generous enough to give you and your spouse one as a wedding gift, buying a home for the first time as a newly married couple is certainly one of the very few major milestones that both of you should carefully consider. It’s a major financial decision that married couples make, whether you’re just a few months in or you’ve been together for a long time.
Manage your expectations
For those young newly married couples who are seriously considering buying a house or a condo unit for the first time, it pays to sit down together, discuss, assess, and strategize how the two of you plan to go about purchasing your dream home. Be realistic with your expectations and make sure your non-negotiables are kept intact. Take your time and make sure both of you are financially and emotionally well-prepared to take the plunge.
Buying a home is a huge step and can stir up excitement as well as a ton of anxieties. It’s certainly overwhelming, especially with the financial responsibility it entails. But as long as the two of you communicate, are open to each other’s preferences, and are more decisive as a couple when you have to, then you could hurdle the unexpected setbacks that you would most likely encounter during the home-buying process.
Assess your financial situation
This is of top importance just as well. Assess your overall financial situation before launching your home search. Buying a home will consume a large part of your income as a couple. Make sure you have enough cash on hand for that down payment on a condo unit, a house, or a townhouse. Maintaining a good credit standing and proof of income are essential to demonstrate creditworthiness to lenders—whether it’s a bank, the developer’s in-house financing, or the Home Development Mutual Fund or Pag-IBIG. Take into consideration the direction of your careers or if there’s a bit of uncertainty in terms of job security.
Jointly decide how much you are comfortable with in purchasing a home at this point in your life after considering all the other outstanding financial obligations that you currently have, as well as future plans that could affect your financial situation such as having kids and starting a family. Remember that aside from paying off your monthly mortgage, you also have to spend on utility bills, maintenance costs, insurance, real estate tax, and association dues. Plotting your budget and coming up with a financial strategy could help you determine the type of home that you could afford.
Trust your real estate agent
Get professional expertise by engaging the services of a licensed real estate broker. Chances are you would most likely overlook a number of things during the home-buying process. The broker is there to help you thresh out and navigate all those necessary details which include all the paperwork and contracts, streamline the purchasing process, offer various housing options that would suit you and your budget, provide practical advice and an overview of the neighborhood and other amenities, and even suggest future real estate hotspots. Buying a house is largely a business decision, not an emotional one. A broker is there to make things easy for you so that you don’t have to spend time and energy looking for homes that don’t fit your needs and your budget.
Choose a community you’re comfortable with
When buying a home that’s right for you, it pays to choose a property built by a reputable and reliable real estate developer. From word of mouth to social media profiles, you can easily check a property developer’s track record on a range of issues which include after-sales services and its history of turnover of properties on time. Of course, choosing your dream home means you are comfortable with the community and the neighborhood where it is located. It’s easy to change things about your house once it’s already yours, but its location isn’t one of those. Make sure you know current and future developments in the area—from the quality of the local school system and the traffic condition to the peace and order situation.
Renting might be a better option—for now
Buying a house is more than just the down payment and the monthly mortgages. There are a ton of other expenses that could stress you out. Make sure to factor in all these items—such as property tax, maintenance costs, and insurance—when you plot your budget. While fixing cosmetic issues are relatively inexpensive, replacing and making changes on big-ticket items in the house such as your kitchen and bathroom could be a huge financial drain. In other words, buy a house that you could realistically afford.
There’s no written rule that says you need to buy a house by the time you’re 30 or over. Buying one is a big financial decision. Although it can be a sound financial investment, it might not be for you. Perhaps you might want to continue renting if you prefer to be more flexible and mobile or if your career is in flux. There’s no need to cave into societal pressures and be left financially drained in the long run. If you think you’re financially set to purchase your own home and ready to handle all the responsibilities, then take the plunge and enjoy the journey of living in your own home.
Sources: SF Gate, Lead Cincinnati, Forbes, Real Living
