Getting a new house for newlyweds is not that easy and is a big step for new couples to look up. Along with your commitments you promised during your vows, you also need to look for a place where you can start building your ideal family.
Whether it’s your dream house or a dormitory, townhouse, or whatever type of unit you want to own, it’s always best when you have to take time and enjoy looking for a house where you will be living for the first in a union.
Take a look at the things listed below that you might consider before buying your property.
Extensively review your Economic status
Seriously, this is the first thing that you need to consider and think before you go out and look for your dream home. It’s imperative that you knew your desired price range up to the maximum amount you can give.
Sit down and take time talking to your partner and make sure you are both honest with your financial assets so you can both create a budget plan. It will both give you an assurance that you won’t go over budget and get your ideal but an affordable house.
Set Practical Plans
As newlyweds, you both need to manage your goals and set your plans, and it needs to be practical. You should understand what you both need and want. Consider the amount of money you have on hand.
A general in real estate or before you own a property states that the downpayment before you can acquire your new house is around 20% of the actual property selling price.
Consider your Priorities
Like any other couples out there, each has their priorities when it comes to choosing the type, size, color, or even the location of the house. As a couple, setting both of your preferences is the most important.
Again you may both sit down and list the things how your house would like before you look for one. In this way, your process of house hunting gets easier.
Decide the Type of Property
Determining and deciding what type of property you both want will ultimately help you check on your budget. If you’re a couple who wants an urbanized environment, you may get a condo or apartment unit in a city, but if you wish to have calmness and peacefulness, then suburbs will do.
Adequate Credit or Loan
Just in case if you do not have enough budget saved on your bank accounts, the best option is to apply for a housing loan. If both of you doesn’t have any particular or specifications as to what type of house you wanted to get, then getting a housing loan is a good choice.
The main reason why a pre-qualified housing loan is essential if you are both undecided yet is that the banks will be the one to decide how much money they’re going to lend. It will be based on your financial capacity and combined monthly income.
Additionally, this is also needed for the banks to classify how long can you cope up paying them back. So, it is always best to choose a property that is realistically affordable.
Depending on your plans if you want to rent, buy, or still undecided, it is necessary that you think of saving money. Always include the cost of miscellaneous expenses including utility bills, taxes, insurances, and other things that make up the total value of the property.
Research all about the Realty Market
Researching about the real estate market is a good buying strategy. All the time, property owners would deceive you when it comes to their marketing strategy for you to buy their lots and houses.
Taking time to know the deals that might be offered to you and the ads that might see and hear is a guarantee that you are going to get the best house that you want.
Tap some Experts
A licensed real estate broker or a bank loan officer are people that you might need most. These are the people which you can tap and ask advice when it comes to choosing a realistic property.
A bank loan officer can help you when it comes to budgeting the maximum amount you can give. Additionally, a licensed real estate broker can holistically provide you an in-depth detail and explanation of the property you wanted to own and the whole process of acquisition.
Find Trustworthy Property Investors
Occasionally, the reputation and quality of available properties depend on the name and integrity of the developers or investors. Usually, a more famous investor are the people that are most trusted, but of course, it will also be a great help if you check public comments about them.
May it be in a short or long run, considering the type of community or neighborhood should always be your priority. You might not be able to change and manage the home location once you acquire it but at least you can adjust and control what’s going to be inside in your house.
Also, since the internet is very accessible in this generation anywhere, then you can research the community where your house is located and far from crimes, traffic and other problems that may arise. Though this a sad reality sometimes but it would be a loss if you want a peaceful living.
Preparing Extra Amount for Taxes and Fees
When acquiring property, it does not mean that you will only pay the whole selling price. You also need to pay taxes for documentary stamps, transfer, notaries, and even registration fees. If you get it via housing loan, then processing, insurance, and appraisal fees are to be collected.
See What’s ahead
Acquiring property is an ultimate commitment. Always keep in mind to see both of yourselves how and what family would you look. Moving from one city to the other is a big hassle, so you have to consider what’s ahead for the both of you.
Stay Cool and Be Patient
Arguably, it’s a rush of emotions if you just got married at the same time you are planning to own your dream house. So, it will always be helpful if you both take time and stay your cool when it comes to the decision-making process. Make sure everything is set.
As you celebrate a new milestone of your lives together as a newlywed couple, finding a home where you can start building your dream family is a significant and careful that needs your attention. For more help regarding finances, try visiting sites like Rose & Jones and don’t forget to take it easy and have fun during your scout for your dream home.