Deciding to buy a new home is one of the biggest decisions you and your spouse will make together. After living in an apartment, many newlywed couples strike out into a home of their own after a couple years of marriage. This gives them time to settle or grow in their careers or decide whether they’ll have kids (or pets).
Here are the top tips to consider as you begin you home buying journey.
Discuss your budget
One of the most common disagreements between couples in how much they should spend on their home. One person may want to go the conservative route and purchase a more modest starter home while the other would be comfortable spending the full budget (or more) to purchase the perfect forever home. It’s important to remove any emotion while talking about your budget and looking at the hard numbers. You’ll want to make sure your monthly mortgage payments don’t exceed 25% of your take home pay (that’s what’s in your check after taxes and deductions).
Consider your other financial goals
In addition to discussing your total buying budget, be sure to discuss your other financial goals with your partner like saving for retirement, paying off debt, or eventually starting a family. You’ll want to factor in these goals into your monthly expenses.
Discuss your expectations
You’ll be living in this home for years so you want to make sure it has the features you both need and want in your home. Work with your partner to create a list of the top features or amenities that you MUST have and which items would be NICE TO haves. While you may not find everything on your list in one home, it’s good to set your priorities before you begin home shopping.
Buy for your current life
Buying your first home is an exciting moment and it’s easy to start thinking years down the road, however, chances are you may not be able to purchase your forever home the first time out. Instead, your home should fit your current life for the next few years and not the distant future.
Ready to make the leap into the homebuying process? Visit us online at SummerHillHomes.com to view our current communities and new homes throughout the Bay Area.
Not quite a newlywed? Checkout our homebuying tips for first-time homebuyers.