One of the major decisions that newlyweds have to make is buying a new home. It's not just a testament to love, but also their maturity and the ability to handle the not-so-romantic parts of marriage, like handling documents and negotiating, together.
So today, Valentine's Day, we'd like to give home buying tips to all you newlyweds.
Know what your priorities are.
Knowing your goals and priorities are key to finding your home sweet home. Some priorities include safety and proximity to public transport, work and schools.
One of the first things that you need to look for is a place that has a low crime rate. As newlyweds, you'd like to settle in comfortably and safely. In the future, you'd like this place to be a haven for play and learning for your kids (or pets). It
would be best also to find a place that's proximate to public transport or somewhere you could easily drive to for work.
Choosing the right home will also depend on the type of family you're building. Do you want a family with lots of kids, just a few or none at all?
Evaluate your finances and settle on a budget.
Money matters can build or break a relationship. Be honest with each other, review all your existing bills and financial obligations, and decide on a budget based on that. Having your dream home isn't much of a dream if you end up spending all your income
on paying for it, and having none or little left for paying credit cards and health insurance.
Get a real estate agent.
You can scout for a new home on your own, but that would limit your choices. Hiring a real estate agent can help you in many ways. First, they have proprietary information on listings, so they can help you look for homes that match your preferences. They
also have negotiating skills that will come in handy when meeting with sellers and their agents. Lastly, they will help you save up on time and resources. You can read more about real estate agents in one of our recent blog posts
Do your own research.
Having a real estate agent doesn't limit you from doing research on your own. Just remember to share the listings you are interested in with your agent so that he or she can help you find more about them.
Find the right mortgage plan.
Sellers typically look for serious buyers, a.k.a., those who have applied for a mortgage plan. Every situation is different, but it's ideal for newlyweds like you to have good credit so that you can easily apply for mortgage together. The higher your
credit score, the lower your downpayment will be.
Other things that you have to consider are mortgage length, if it's fixed-rate or adjustable, and the total closing costs.
That's it! Good luck in finding your new home!