Three Tips for Newlyweds Thinking of Purchasing a Home
Posted on: 9 January 2017
After saying I do, most couples transition into the home-buying phase of life. For a newly married couple, the purchase of a home represents a new beginning and is also a significant investment both financially and in terms of their relationship. Given the importance of buying a home, this is not a step you want to take lightly. You both want to be prepared and equipped for the journey ahead.
Don't Rush
There is no rule that you must get married and buy a home at the same time. Take your time and don't rush into a home purchase. Even if you and your partner have discussed your finances in detail and know what you can afford, if you haven't lived together, you might not know what type of living arrangements you actually need.
For example, you may have overlooked the fact that every closet in your partner's apartment is filled with clothes. If you purchase a home with too little closet space, this can be an issue that will plague you for years to come. Consider signing a short-term lease and living together for a period before buying a home.
Talk About Long-Term Financial Goals
There is nothing pleasant about being stuck with a mortgage that you cannot easily afford or that is infringing on your overall goals, such as saving for retirement. Financial struggles aren't only problematic on a personal level, but they can also be troublesome for your marriage, especially a new marriage. Sit down and discuss what long-term financial goals you and your partner share.
Performing this step beforehand will help give you both a better idea of what price range will fit best within your budget. As part of your long-term goals, discuss your savings plan, children, the idea opening a business, and the possibility of going back to school. Anything that will have an effect on your finances should be discussed.
Discuss All Possibilities
No one wants to plan for an unfortunate outcome when it comes to their marriage. However, death, divorce, and other unforeseen events do occur. The more prepared you are for these events, the more likely it will be that you will be well equipped to transition through them. In terms of finances, make sure you're looking at the right type of mortgage. For example, make sure you are choosing an option that offers joint tenancy.
With this feature, both you and your partner will hold an equal portion of ownership. In the event that things were to head south, you don't want to be in a situation where someone could walk away with a home that you equally contributed to without your getting anything. You want to ensure you are protected.
Buying a home is a major step. Protect your relationship and your finances by taking your time and planning properly. Then you can look at homes such as Fischer Homes to find one that suits both of you.
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