Buying Your First Home Together
You’ve just reached one of the biggest milestones in your life- you got married! Would I scare or excite you if I told you there’s another one coming right down the way. Can you guess what it is? Buying your first home together, of course!
Here are 5 tips to get you through it:
Do it together. You’re a team now and you must begin working like one. Plus, this can be fun. Start by looking to see which homes are available in the neighborhood(s) you like then make a list of what you liked or disliked. Do this separately then compare your lists to create one list.
As you’re going through the whole process, make sure you’re both actively participating and are on the same page.
Resolve your credit issues. You both need to know where you stand in terms of your credit score and credit report. Pay down as much debt as possible before you apply for a mortgage.
Also remember that it’s very important not to hide any financial troubles from each other. It’s very important to remain open and honest about any and every situation.
Know your budget. You’ll want to get pre-approved for a mortgage before you place a bid on a home just so you know that
You can afford it, and
You won’t have to worry about if you’re going to get approved for a loan that will cover the bid you just made.
Knowing how much home you can afford will keep you grounded and realistic.
Plan ahead. Even if you don’t plan on actually buying a home for another year or two, don’t wait that long to start building your credit and knowing what you’re looking for.
Keep an eye on the market and an even closer eye on your finances. The more financially prepared you are when you are ready to buy a home; the smoother your process is going to go for you.
Enjoy it. As I’ve said before, buying a home is a huge milestone in both of your lives. Try to avoid creating extra stresses for yourself and enjoy the process.
Buying a home can be fun and exciting. Just be patient and watch as the beginning of this next chapter in your life unfolds.
What concerns do you have about purchasing your first home together?