Are you a newlywed who is finally ready to make your first real estate purchase? Now that your solo investment is a team deal, take a look at what you need to know before you buy your first home as a new couple.
Communicate with Each Other
Communication is key to any successful relationship. Your first home purchase as newlyweds is the ideal opportunity to work on your couple communication skills. Increase the odds of getting everything you both want in your dream home with an open discussion.
Each spouse should provide their must-haves in a home. These are non-negotiables that you or your partner need to work, feel comfortable, or live happily in your potential new space. Along with needs, communicate both of your wants. The wants are what you'd like to have in a home—but can live without.
Discuss Your Finances
Even though your new home must-haves are important, you need to discuss more than the number of bathrooms or kitchen size before you start searching real estate listings. If you don't already have a joint bank account, now is the time to explore each other's finances.
It's not always necessary to combine your financial interests or debts (bank accounts, credit cards, student loans, or other similar information) before you apply for a mortgage. But you should get a clear picture of how much money you can afford to put down and pay monthly. According to the Federal Trade Commission (FTC), lenders typically require anything from five to 20 percent down.
Along with the cost of your mortgage, factor in utilities, and other regular or monthly costs. If you now have two salaries, it's possible you can afford a larger (or a more expensive) house now that you're married.
Choose an Agent Together
Now that you've agreed on what you want/need in a home and how much you can reasonably spend, it's time to find the just-right agent. Like the other decisions, newlyweds should make this decision together. Discuss what qualities are important to both of you in an agent. These could include anything from how the agent communicates with their clients to their negotiation style.
If you're not sure what you want or need in an agent, talk to friends or family members who are already homeowners. The people who are closest to you can help you (and your new spouse) to understand what's important in an agent and possibly even provide referrals. Contact a real estate agent for more information.
Share15 October 2020
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