In movies and stories, the wedding comes at the end and is the end. The white dress, the church bells, and the rice grains are thrown is the picture-perfect ending for a movie. However, in real life, it’s just the beginning.
Now that the wedding is over, real life will start to settle in as you would. But where would you settle? An apartment? A condominium unit good for two? Your own home?
There are many things to consider when buying a home. Before going house-hunting with your respective partners, it’s best to sit down, buckle up and get into the nitty-gritty of buying a home.
Talk about money
Many people can be uncomfortable when talking about money. Some even find it rude. However, knowing what you can and cannot afford as a couple is one integral step in finding a home that suits both of you.
It’s easy to just sit back and achieve the bare minimum credentials that a mortgage broker requires of you. But it’s always better to take a more conservative and yet proactive approach when dealing with your finances.
According to Dave Ramsey, the author of Financial Peace, here are some financial goals a couple should have before even thinking about purchasing a house.
- Have a fund good for 3 to 6 months of household expenses.
- Prepare at least 5 to 10% of the house price that you can use as a downpayment.
- Have a solid credit score and no debt – ideally.
Taking these steps into heart will not only get you a good mortgage price but will also, ideally, keep you from incurring debt because of biting more than you can chew.
Consider your future
Your future together is not limited to whether or not your having kids, a factor to consider in how many rooms you’d want in your new home. It’s also best to consider your future as a couple first.
Consider your careers and career plans. What type of jobs do you two have? Do you see yourself staying in the same job and same area for five years or will it, sometime near the future, force you to move and travel? Are there other companies in your vicinity that may offer better opportunities in the future? It’s best to consider your careers since this will be the bread and butter of your life together.
As for your future children, does the neighborhood have good schools? What’s the crime rate in the area? How difficult is the commute between essential establishments? Does the neighborhood show promise of development?
Buying a home in the first year of your marriage is not a requirement. Getting to know your partner and your goals together is. The answers to the questions above may or may not be available at the start of your marriage but they are always good things to consider before deciding on something as big and as permanent as buying a home.
Seek help from professionals
Doing your own research about the cost of real estate is a smart thing to do. However, it’s still different with a professional who’s had proper training and years of experience in predicting and handling the market changes.
Finding a good real estate agent would definitely help you in finding a good home for a good cost. They have in-depth knowledge of local market conditions and possible changes in the future, as well as the selling and buying the history of the homes you are looking at.
Good real estate agents also lift the burden of getting into the nitty-gritty details of different homes from home buyers. They can discover legal burdens such as tax liens that can complicate buying a home or putting the buyer in a disadvantage.
Starting your journey as a newly-wed couple can be daunting, especially with big decisions such as purchasing a house that you’ll turn into a home. The market can be volatile and the commitment to a brick and mortar home to your name can be nauseating. However, with the right financial preparation, communication, research, and foresight, this endeavor can be a piece of cake. As sweet as the wedding cake you shared on your wedding day.
