Five Tips for Newlyweds Who Want to Buy Their First Home

Five Tips for Newlyweds Who Want to Buy Their First Home

​Buying a home when you're married is a dream that almost all newlyweds share and for most couples, it's usually the first time either member will be going through the process of buying a home.

 Buying a home is obviously a big deal, and since a house will probably be the most expensive thing you will ever buy, buying a home for the first time ever can be really intimidating! 

Couples can find this process to be really easy and not intimidating at all, provided they follow a few simple steps:


First Home Buyers: Prioritize your Choices

​Choosing the right home for your future plans should be the number one priority in selecting your first home. Since this will be your first and you most likely won't be renting it out for the first 5 to 10 years, choosing the wrong home for your needs can have far reaching effects. 

The size of your home is important for the people you expect to live in it. If you're aiming to have a few kids, then be prepared for when they're old enough to want their own rooms or be prepared to move out when they are. 

If you're not thinking of having children, then a larger home than what you need just makes for unnecessary cleaning and maintenance.


First Home Buyers: Become Familiar With the House and Area

​If you've decided on your preferences for size and location, your next step should be to do some online research. There are heaps of websites that provide information on properties with details such as its layout, council restrictions and the estimated price. 

There are many that also provide information on crime rates in the area, emergency response times and the quality of schools and amenities, so you should keep a close eye on the negatives as well as the positives. 

Ground work is equally as important. Visit the area before you decide on anything and speak to neighbors, visit the parks and get a feel of the environment before you emotionally commit to a home. 

Beyond the area itself, it is of course, of the utmost importance that first home buyers check the maintenance history of the house.


First Home Buyers: Find A Good Real Estate Agent

​Even with all of that research, many things can go overlooked and the ins and outs of buying a home cannot be learnt through skimming Google results. To have complete control over your decision for your first home, enlist a real estate agent to help. 

An experienced and trustworthy real estate agent will be able to provide information that you couldn't find through research, asking neighbors or current owners. It's their job to know everything about an area they're serving and there's always more than meets the eye. 

You never know, a real estate agent might even be able to knock down the price of a home by several thousands of dollars. 

The best thing about hiring a real estate agent is that they can deal with all of the paperwork and find work-arounds for problems that may (and they almost always do!) arise when you're buying your first home. 

Buying your first home should be a positive experience, and a real estate agent might ensure it is one!


First Home Buyers: Sufficient Finances

​Buyers have two options to pay off their first home; 

1. You purchase the home in full or 2. You put down a down payment and get a 10 to 30 year loan. Banks issuing home loans usually want a down payment of 20% (this can change according to the bank, city and country of course) but often they will also offer people with a clean credit score with lower rates and flexible payment options. 

Your monthly mortgage repayment should not exceed 25% of your monthly income. So, if you're making $3,000 a month, you shouldn't be paying over $750 plus expenses. 

Anything over that and you might hit a snag. The company you work for might downsize, you might have to take a pay-cut or business just might slow down. Either way, it's best to not exceed 25% of your income for your first home.


First Home Buyers: Pre-qualification and pre-approval for your loan

​Getting a pre-qualified or pre-approved home loan can give you the best idea of what you can afford as the bank will evaluate how much you are eligible to loan and will often come up with the most optimal price. 

Having a general idea of how much you can receive will allow you to look at homes that you can actually afford, instead of becoming emotionally invested in a house that you can't.

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