Did you know that buying or selling a house can be more stressful than losing a job, getting divorced, or going bankrupt? It can be easy to feel overwhelmed by the home buying process and if you are coupling buying your first home with a recent marriage, you're probably even more overwhelmed but it certainly doesn't have to be a negative experience. Here are some tips for those that are newly married or are planning to be married and buying their first home.
Make sure you choose the right neighborhood for your budget.
I'm not necessarily suggesting buying the cheapest house in the best neighborhood, but it might be a good start. Chances are this is not your forever home and it's a good starting point to build equity and build up some funds for your next house, so finding the right neighborhood not only helps you out in the short-term but for resale value as well. Look beyond what your mortgage and homeowners insurance will cost. homeownership also includes utilities, maintenance, repair, and any other expenses you'll need such as student loans, car payments, food, credit card payments and any other fixed expenses.
Find a neighborhood that appeals to you and consider your commute, if you have any pets, the neighbors, and the distance to daily errands such as a coffee shop, favorite grocery store, or restaurant.
Related: What is a purchase and sale contract?
Unless you are blending families with multiple children, it's probably just the two of you to start. Find something that works for your size. If you're planning on being in a home just for a few years before kids make their way onto the scene, a smaller home might be ideal. If you're planning on having children or growing your family while in the home, you might want to consider a property with more bedrooms and more space. However, buying a home with five or six bedrooms when it's just the two of you, maybe a bit overwhelming.
Don't sacrifice safety.
Many newlyweds may think that they will sacrifice safety to save on their mortgage but that's not necessarily a good idea. It's imperative to protect your home and personal safety regardless of your environment. Consider a security system or join a neighborhood watch or online community group to help monitor for suspicious activity.
Don't buy more than you can afford.
If you've rented up until now, remember, you are solely responsible for the maintenance and upkeep of this property. If you max out your budget, you may not have any additional funds for repairs.
Buying a home the first time is exciting and fun but it can be a bit overwhelming. Finding a buyers agent that works solely for you, helping you to find the right property is really the best place to start. Give us a call today.
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