Licensed Realtor | Harry Norman
photo courtesy, Stephanie Hill
Six Home Buying Tips for Newlyweds
1. Work out your budget
Buying your home together will probably be the most significant investment you will ever make in life. Therefore having sound financial skills is a must. You should always start off with a budget and plan, one that accurately measures your sources of income, your current and projected living and lifestyle expenses, your debts, and your cash available to make monthly mortgage payments. This will allow you to determine exactly how much you have coming in, and exactly how much is going out. This will also allow you to decide how much you will need to put aside for mortgage, new utility and property tax expenses.
2. Create a list of Priorities
You and your spouse (or spouse-to-be) should sit down and discuss the type of home you want to buy. Think about it, “What’s the best location for us?” “What are the specifics that are important to us?” Do you prefer small yards, or large yards? Do you desire a 3, 4 or 5 bedroom, possibly a storage as well as parking? When deciding on your needs and wants, you must be willing to compromise. Many times, spouses have different priorities and needs but you both have to work to be on the same page in order to help you determine your “couple” priorities and must-haves.
3. Buying your first home is a process
It would be wise to consult with a mortgage professional to establish an appropriate monthly mortgage base. Real estate agents usually do not take you out looking for homes without you having received a pre-qualification letter from a lender. Real estate agents must know that you are a serious buyer and have the financial capability to purchase the home you are viewing. Real estate agents can also refer many lenders for you to choose from.
4. Get a Realtor you are comfortable with
It is important to work with a Realtor that you can comfortably communicate with. It’s hard enough sometimes communicating with your new spouse! Since this is probably your first time purchasing a home, you will need a realtor that can guide you through the home buying process.
5. Be on the same page
Purchasing a new home can be very stressful on a newlywed couple. Do your research and be certain of the geographic areas that you wish to focus on. Proximity to work and schools are often major decision points. Be sure to do your research thoroughly before making a decision. Many couples have gotten themselves into situations to find out they made the wrong choice when buying.
6. Don’t forget to think of family.
In other words, do you wish to have some distance from family members, or is it more important to have loved ones close by. Either way, this is something to consider. Keep in mind that your family will likely be the your “go to” source for baby and pet sitters, perhaps house sitters, and the ones you’ll call on for maintenance issues, advice and help. If both of your families live in different geographic areas, then finding a centralized location may be your best bet.
Stephanie Hill is a licensed Real estate agent with Harry Norman Realtors, specializing in luxury homes, new and resale properties in the Atlanta area. As a bride-to-be herself, her expertise is also first-hand knowledge.