Few other decisions you make as a newly married couple are as important as choosing your first house. You’ll have to live with the decision and in that home for at least the next five years, after all. You need to be sure you’ll be happy settling down in the place you buy.
One way to ensure you sleep well with your starter home choice is to consider your financial situation carefully before finalizing the transaction. Fortunately, here in Fort Myers, there are many mortgage lenders and home loan officers ready to serve you. Just search for trusted companies with good rates and closing times, and you’ll be in great hands.
What else can you do to help ensure that your home buying efforts are successful?
Commit to a Savings Target and Deadline
How much money can you spend on your first house as newlyweds?
Make a savings target to meet within a specific timeframe for you and your partner. The added savings will help you expand your house choices. Again, looking online for additional information is invaluable; knowing the average house asking price, mortgage, and loan rates will help you set a more concrete goal.
If you don’t meet your goal by the deadline, you’d at least still have a larger mortgage down payment sum to work with. With your account’s extra padding, you may also be able to fast-track your approval process or increase chances of getting a great loan.
Be Practical About Wants and Needs
Pro-tip when buying a house: learn to differentiate your wants from your needs. You know you want space for your future members of your growing family, but do you need the three bedrooms right away? Thinking in this manner is a great way to distance yourself from that nebulous concept of a dream house and start working towards something more attainable.
Sit down with your partner and talk about what your house needs. Go old-school and put your list of wants and needs on paper. If you can add or change certain features after buying a home, it is usually a good indicator of a want. Don’t just think about short-term needs, as well. Remember, you’ll be spending upwards of five years living in your house so plan accordingly. Most importantly, compare how your needs hold up to your financial goals.
Working up to buying your dream house is an accurate illustration of what marriage is like. Be prepared to commit, make compromises, and rethink deal breakers throughout the entire process.