You’ve tied the knot, soaked up the sun on your honeymoon and now life is starting to get back to normal. For many newlywed couples, the next big step in their life together is finding a home. Whether it’s a “starter” or a house you can raise a family in, there are a number of things you need to know to get started in the process.
Above all, don’t be intimidated by the complexity of buying a home. There is a lot to consider, but with some good guidance and a realistic perspective, you’ll be on your way to making a smart – and exciting – decision.
Keep these tips in mind as you start looking for your dream home.
* Know what you can afford. As you sort out your finances after marriage, consider what kind of monthly mortgage payment you can realistically afford to make. Many factors will affect what your actual payment will be per month, including the amount of your down payment, homeowner’s insurance and more. It may be best to choose a payment at the lower end of what you can afford, in case unexpected circumstances happen that could change your situation. Getting pre-approved for a loan will also help remove some of the anxiety from your house purchase process. Since financial issues in marriage are some of the most challenging problems that couples deal with, cutting down on the potential for problems is important.
* Do your homework. Many communities have classes for first-time homebuyers, and in some cases, if you complete a course, you could qualify for a more favorable interest rate on your mortgage. What’s more, you’ll learn about the intricacies of the home-buying process and get tips and advice for how to maintain and care for your home. In some cases, your lending agent can direct you to classes, but you can also check with community and neighborhood groups where you currently live or plan to move.
* Make sure you’re covered – in the right way. Buying homeowner’s insurance goes hand in hand with buying a house. But making sure that your home and belongings are protected takes some attention to detail – and you might need specialized coverage, depending on whether you live in an area prone to extreme weather like flooding or hurricanes. You should also protect what’s in your home with moving insurance and personal items policies.
* Talk to a real estate agent. Having someone on your side who’s well versed in the real estate market can make buying a home easier. Because there are many foreclosed and short-sale homes on the market, a real estate agent will be able to help you determine if any of these will be a fit for your family. Not only can they select homes for you to look at, but they can assist in the bargaining process to give you a competitive advantage over other buyers. And when it comes to giving you information about things like mortgages, first-time homebuyer tax credit and more, their experience will make your experience a lot less stressful.