Buying a home is a huge commitment, and buying a home with a partner is even more so. Most buyers in the market today are married couples looking to find a place to start their families or build equity to move forward financially. If you’re considering buying a home as a couple, there are a few things that you may not know about buying a home with your spouse. Here are four simple tips to get you started off in the right direction to purchase the home that you want.
It’s really important before you look into a homeowner’s loan or any kind of mortgage preapproval, that you are both on the same page in terms of what you are looking for. Sit down together and talk about what you want in a house, your expectations, long term goals and why you want a house in the first place. Discuss your must-have features and general desires, vs. the impact your new purchase will have on your budget. Decide what it is that you want to prioritize before embarking on your journey into owning a home.
Manage Your Money
As a general rule, sellers expect potential buyers to have their money situation well-looked after before they start looking at potential homes. This means talking to your financial institution or another lender about what your joint financial situation looks like. Most banks will require both names be on the loan in order for the application to be approved. Other factors such as your credit history, employment, income reliability and criminal past may be taken into account when applying for a homeowner’s loan. Get your financial situations in order well in advance for the best possible chance to be approved for a homeowner’s loan.
Like any big ticket item, you should shop around before jumping into an agreement with the lender. Take the time to book appointments with a number of institutions and compare interest rates and mortgage terms. You have the power to negotiate these numbers, and the results may be well worth the effort.
Patience and Planning
Buying your first home ass a couple is exciting, and many people just can’t wait to get into their new living quarters, but homeownership is a huge responsibility that requires huge considerations. Don’t rush into anything that you’re not sure of, and plan for the future while you’re house hunting. Consider your plans as a couple in a number of years; are you buying a home with the accommodations that you will need if you decide to start a family? Has the property been properly inspected for problems that could pose a risk to your health or your investment?
This guest post is from Allison with HomeLoans.org.