When you have a two income family, as most newlyweds often do in today’s world of inflation and expensive purchases, there are a number of things that you need to consider when buying property.
No doubt you are looking for a home in a great location perfect to start a family. And you’re obviously trying to find a property that you can buy at a reasonable price. Young couples around the globe often need a new home as they begin the beautiful adventure of starting a family.
Remember, a home is a huge commitment, and in most cases it’s where you intend to settle down for the next 20 to 30 years. It’s important to think of your immediate needs today, but you also have to plan for the future and consider your needs – as best you can – in years to come.
With that said, we’re here to help newlyweds plan for today and many years into the future.
Important Questions to Ask When Choosing Your Dream Home
Before you even begin looking at homes, it’s best to figure out all of your needs ahead of time. This way you can find the ideal home – and one suited to meet all of your needs – with the minimal amount of effort.
Please consider the following questions prior to looking at any properties:
- Do we plan to have any children? If yes, how many?
- Are we looking to buy a house, a town house, condo, a multi-family dwelling?
- What type of house are you hoping to buy? Do you want a fixer-upper? A house in pristine condition? An average home that can use a little work but not too much?
- Are you ready to spend money inspecting the property? Look for termites, water damage, whether or not it is structurally sound, and more.
As you can see, there are many things to consider when finding and buying a home as newlyweds. Spend some time figuring out your wants, needs, and desires beforehand. Remember, this is a huge investment and you have to get it right. Otherwise you might be surprised when you run out of room for all of your wonderful kids in the future or you find out that you have more space than you’ll ever need.
Are Your Finances in Order?
Before going to a creditor to ask for a mortgage, you better have all of your financial ducks in a row. Otherwise you’re just putting yourself in an awkward situation when no lender will extend you credit for your mortgage.
Consider the following critical financial issues prior to applying for a mortgage:
- Do you have enough money on hand to pay 10% to 20% for a down payment? Without funds available for a down payment, lenders will not take you seriously. If you lack the money, consider free fundraising as a viable option to get the money you need to pay for your down payment.
- Is your credit in order? Run credit reports with all three credit bureaus (Transunion, Equifax, and Experian) and determine if there are any negative marks that could hurt your chances when obtaining credit. If so, take the necessary steps to remove these unwanted blemishes on your record.
- Are your debts in order? If you have too much debt, mortgage lenders might consider you a credit risk. If this is the case, take care of extraneous debts so that your chances of qualifying for mortgage improve.
Please use this guide when planning and preparing to buy a home as newlyweds.