Congratulations! You just got married or you're planning to get married and the next step for you is buying a house. Marriage is a great institution and whether you're deciding to co-habitate or you're getting married, buying a house together is a huge step. It's also a great step to building equity, saving money for the future and investing your time and your finances into something you can own. If you're looking at buying a new house and you're newlyweds here are some great tips to keep in mind before jumping into the real estate market.
#1. Will you both be on the title?
If you are legally married you will likely both be required to be on the title of the property. This means that you are both responsible for making the mortgage payment and maintaining the house. It's important to understand the details of this and each person's responsibilities. Unfortunately, it's also important to talk about what happens if the home needs to be sold in the event of divorce. These are not things that newlyweds or married couples like to talk about but are necessary, especially in today's society.
#2. Talk about your priorities.
Both of you need to talk about exactly what you want out of the house. Are you looking at a starter home where you can build equity and then invest in a bigger home for family within a few years? Are you looking for your dream home now? What are you both willing to accept and what are the deal breakers when it comes to the house, the location and the price? These are serious topics that you need to discuss in order to get a house that suits you both.
#3. Research the neighborhood.
Researching the neighborhood is essential for finding a home in an area that you love. Do you want to be within walking distance to the closest Starbucks? Are you looking to start a family or perhaps you already have school age children and you're looking for a great school district or zone? If you think you've found a great neighborhood, talk to some of the neighbors in the community and ask them how well they like their home, the area, other neighbors, schools and the work commute.
#4. Have a trusted agent on your side.
Emphasis on "trusted agent on your side". You're looking for a home so make sure you have your own buyer's representation when making your home purchase. If you entrust the entire real estate deal to the listing agent understand your interests, budget and confidentiality will not be their priority. Using your own representation or "buyer's agent", means that your Realtor owes you a fiduciary duty to protect your interests, your finances, and that your negotiating strategy be held in the strictest confidence. You then have somebody working solely for you and not just someone that wants to close another sale.
#5. Get your finances in order.
If you're a newlywed, you probably have or will be combining bank accounts, financial information and changing legal documents with the new married names. It's extremely important that you get all of your finances in order so that you can prove to a mortgage lender that you are who you say you are and that you have the credit history, credit scores and finances to support a mortgage loan.
Having all of these ducks in a row beforehand will make the home buying process so much easier. Need a great buyer's agent for the Atlanta area? Contact me today (404) 580-9069 and let's find that new home!
This post originated on my website here: https://rontissier.georgiamls.com