When you look at home affordability, newlyweds right now are in better position to buy a home than any other newly married couple over the last decade. As you consider buying a home together, I’d like to offer a few key things to keep in mind.
Consider home as a part of your new life together. When you look at real estate, you have to first look at it more as a quality of life issue rather than as an investment. That being said, a home can indeed be an investment as well. This is because of its long-term value. Now as a couple, there will be many aspects of living that you will both have to factor in whether it is job/careers, starting a family, and how each of these factor in for both individuals. Know that in today’s environment, where interest rates and values are low, there is a significant opportunity for young married couples to buy a long-term home.
Do your research and find a good real estate agent. The Internet has made doing in-depth research into the right type of home much easier than it used to be. You can search through blogs to find out more information about the real estate market that interests you. Another great tip is to talk to individuals who could potentially be your neighbors to find out more about all the pros and cons to the community and neighborhood that you both may soon live in. It will also be very beneficial to hire a good real estate agent, since we are professionals who know how to get this in-depth information and knowledge about an area that the customer may not. As agents, we can also discover legal burdens as well as make sure there is the highest competency especially with the entire process of purchasing a home. Remember that a good agent should have a solid reputation, great experience, will be able to predict problems, call in favors, and know their market very well.
Get finances in order. Before you buy a new home, you need to make sure you have good credit. HERE are some tips for boosting your credit score. Be sure to pay off debts and that you can afford to make down payments and monthly mortgage payments. HERE are 7 common mistakes that newly wed homebuyers make. A little financial planning goes a long way. The entire process should also be done together. Don’t forget to also be patient, since don’t want to rush into buying a house you may not end up liking. Be willing to compromise a little but don’t settle, especially for your future home.
In conclusion, it is such a fantastic time to buy a home in today’s market, what with great prices, great interest rates, and motivated sellers, but be sure to collectively make sure that you have financial wherewithal. Create a plan, write out your collective vision, and commit to make it happen together.