Are you recently married and embarking on your first homebuying journey? Congratulations! This is an exciting chapter in your life that comes with a lot of big decisions.
Here at BlueWest Properties, we know that purchasing your first home can be overwhelming. We’re here to help! Check out our top 3 first-time home buyer tips for newlyweds.
The 3 Best Tips for Newlywed Home Buying
Buying a house with your new spouse is an incredibly special experience. House searching and making major financial decisions can be stressful though. That’s why we’ve put together a list of three key tips for newlywed home buying.
Here are three essential first-time home buying tips so you’ll feel confident when you purchase your property:
1. Decide if You're Ready To Buy a Home
Owning a home is a huge commitment (almost as big as committing to spending the rest of your life with someone). If you’re deciding whether renting a home or purchasing one is right for you, consider these major points:
- You’ll need to be financially ready. When you buy a house, you’ll need money for a down payment (a 20% down payment is widely considered the ideal down payment amount for most loan types and lenders).
- You also need to make enough money to be able to afford your mortgage payment each month, as well as other bills (insurance, taxes, HOA fees, etc.).
- As a homeowner, you’ll be responsible for anything that goes wrong with the home (unless you’re part of an HOA, which will take care of certain maintenance issues).
If you decide to purchase a house, you’ll need to create your budget and start saving for your down payment.
According to Investopedia.com, a good way to determine your budget is by using the “28% Rule.” This means that your mortgage shouldn’t be more than 28% of your gross monthly income. While this rule isn't a hard and fast one, it is a great guideline for any first-time home buyer. You can also work with your broker or agent to get serious about what a reasonable budget is for you and your spouse.
After you decide on a budget, you can start saving for your down payment, which can be anywhere from 3% to 20% of the home’s value (depending on your lender’s requirements). You can save up this money all on your home, look into getting a loan, or apply for assistance programs.
3. Find the Right Real Estate Agent for You
First-time home buying is a rollercoaster, but you don’t have to do it alone. We recommend that you find a real estate agent to work with who has experience with newlywed clients.
Real estate agents will be your point of contact throughout the home buying process. Some of the most common things they can assist you with include:
- Counseling on market trends and conditions, prices, and mortgages
- Curating a list of properties that include all your key features
- Facilitating negotiations between buyers and sellers
- Developing a competitive market price by comparing properties
- Reviewing purchase contracts to ensure terms are met
- And so much more!
Newlywed Home Buying With BlueWest Properties
Buying your first home as a newlywed couple can be one of the most exciting experiences of your life — but it can also be one of the most overwhelming. Working with a trusted real estate agent can help relieve some of this stress.
At BlueWest Properties, our agents love working with first-time home buyers to find a place they love and can start their new chapter in. To learn more about what it's like working with us, contact us online.