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For most people, buying their first home with their spouse shortly before or after getting married is something to look forward to. Most couples are excited to begin their new lives together.
Venturing into homeownership as newlyweds, however, can be challenging. You’ll be juggling with multiplying paperwork and two people’s credit histories. Getting mortgage and refinancing is no walk in the park, but it is a necessary road to take towards your happily ever after.
Before you order furniture for your new home via Amazon USA shopping, or Amazon UK, wherever you are in the world it’s important to find the right property first.
If marriage and a dream home are plans for the near future, it’s important to ask the right mortgage and house hunting questions before you start shopping or applying for a mortgage. Whether you’re planning for the wedding or have already exchanged your vows, consider the following house-hunting tips for newlyweds.
Do Some Mortgage Homework Together
Get to know the mortgage landscape of your chosen area first. On your next date, put on some coffee and pour over local mortgage rates. Don’t forget to read on educated predictions in terms of variable and fixed rates. Also, brush up your knowledge on the difference between variable and fixed rates so, together, you can decide on which option suits your lifestyle best. Try this mortgage calculator to give you an idea of what you can borrow.
In terms of mortgage shopping, know that the more options you have, the better. This is where your mortgage knowledge will kick in. A common home shopping mortgage myth is that no matter the type of home you’re buying, you need to pay at least a 20 percent down payment.
While paying off a higher down payment could mean lower monthly mortgages, there are still more doable mortgage options out there. Consider the following:
- Long-term fixed-rate mortgage. Make your payments over a specific time frame with a fixed interest rate; the monthly payments are also lower compared to short-term mortgages.
- Short-term fixed-rate mortgage. Save interest over time but deal with higher monthly payments. If you can afford higher payments, you can pay off the loan faster.
- Government-backed loans that provide more modest means; also offers affordable down payment options.
Have Fun Creating “Desired” and “Must-Have” Home Feature Lists
When you and your partner were still ‘on the market,’ it’s most likely that you both have character traits you were looking for a potential partner. You had specific qualities in mind when looking for a partner, which you found in your spouse or spouse-to-be.
Well, finding the right home together follows a similar process.
Both of you have must-have home features in mind. Maybe your non-negotiable features are to have a huge kitchen, a home office, a location close to your office and more. Perhaps you’ve always dreamed of having a swimming pool or even something simple as vinyl or hardwood flooring.
Take some time to create a list of desired home features together. Rank each feature by priority then come together to create a master list you both agree on.
Consider Your Lifestyle Today vs. Tomorrow
If you’re a newlywed couple with leisure, entertainment and travel in mind, living in a flat could be your best option. There’s no garden to maintain and it’s easy to lock up and leave.
You might want to live in a mixed commercial-residential district to be in the middle of where all the action is happening. But before you move to the bustling city, consider what your five-year plan looks like. When do you plan on having children? If so, how many kids are you planning to have?
Consider buying a single-detached home if you are going to have children shortly. It may seem like a pipe-dream but you’ll be surprised with what the market has to offer. Work with an estate agent to see your potential choices.
Also, make sure you both share the same-long term visions. For example, ensure you have the same vision for the following factors:
- Home size is often determined by your plan of having children and the number of kids. Naturally, a smaller home is not enough if you’re going to have a bigger family. You’ll want a bigger home with more rooms in the future.
- With climate change and global warming becoming more pressing issues, you and your spouse may prioritize sustainability. For instance, look for a location that offers more space for gardens or solar energy.
- If you’re having children, it’s best to live near a school. In terms of job status, if your job is demanding, it’s best to live near your office for a shorter commute.
Your first home is a challenging yet exciting adventure as newlyweds. Now that you’ve found each other, make sure you find the right home for both of you.