Second only to choosing your partner for life, deciding on where you will be making your first memories as husband and wife tops the list of important decisions you will ever make. Every couple’s wishlist when it comes to their first home is unique. There will be differences no matter how similar you think you are as a couple. There is also much you will learn about yourself and each other as you discuss your preferences and plans for the future. Whether you’re looking to rent an apartment or build a house from the ground up, these practical tips can help you get through this new adventure smoothly. The journey may be an emotional rollercoaster, but it will also bring you two closer together than ever. Happy nesting, newlyweds!
Be honest and transparent with your financial situations. If you haven’t already had the talk while wedding planning, then there is no better time than now. Assess your financial situations and come up with your budget for a home that you can comfortably afford. You have to factor in maintenance, insurance, and taxes, among other things, on top of the required downpayment. It’s also good to maintain a rainy day fund for miscellaneous costs you didn’t initially account for.
Remember that your first home isn’t always your last home. If you can’t afford your first choice just yet, view this as a stepping stone to owning your dream home. Discuss your preferences when it comes to location, size, and aesthetics, and then prioritize. You can also future-proof your home by considering your short-term and long-term plans. Here are a few questions to get the conversation started. Are you planning to get pregnant soon? How many kids are you hoping to have? Does the location complement your career plans?
We’re talking licensed real estate brokers, loan officers, and contractors. It is expected your excited eyes will miss a few kinks and nuances which experienced professionals would notice within seconds. Seek their help and realize the benefits when you finally move in. Their advice could spell the difference between an approved credit line or an extra percent off the final purchase price. You won’t regret hiring help for this one!
You’re still transitioning from always putting your best foot forward to being your real, unguarded self 24/7. That’s completely normal. We’re just recommending you feel comfortable communicating your concerns and preferences. This is a major decision that will dictate the path of many more decisions in your married life. You are partners in this and the home you build should be reflective of the both of you. There will always be a way to comprise when disagreements arise, so don’t focus too much on the destination and enjoy the ride.
Look at different types of homes as well as different locations. Check out apartments, townhouses, and detached houses to see what really suits your needs. Going through this exercise will help you determine what you want and what you don’t want in a home. Know that it will take time and a lot of patience. Getting to know the market helps you understand why certain locations demand premiums and which ones are good for investment purposes. It also helps to compare similar listings when negotiating. You can get the best deal when you’re knowledgeable of the prevalent market price.
The neighborhood is sometimes overlooked when searching for a home. Do your research and get to know the community before committing to any space. There’s not much you can do if your neighbors’ lifestyles don’t match yours. They can actually greatly impact your daily life even if you’re not the type to socialize. You can also ask about the home owners’ association (if applicable), nearby retailers and developments, and even reported crime rates in the vicinity for a better feel of the community.
Now that you’re all set to hunt for your new new home, it’s just as important that you’re prepared financially as well. Need a few money management tips for newlyweds? We asked a Financial Planner for some advice and you can read what she shared here.