Once the partners get married, the next big step to commemorate the relationship generally involves buying a home together, where they can stay together and start a family. So, it is obvious for you to look for tips for buying your first home, if you just got married or about to be married.
Purchasing a home involves loads of responsibilities, and you should be ready to take them along with your partner. However, the process might become a little cumbersome, especially if you are looking to take a home loan for it.
This should not be discouraging, though. You must put in a little effort to realize your dreams of owning a house of your own.
No matter what age you reach, having your own house is definitely on the list. With the right planning to buy a house, you can definitely think of buying a house at a younger age and enjoy the benefits of owning a home in your 20s. Some of them are as under:
You will have healthy spending habits
Your house can be your future investment and a source of income
You will have a good credit history
Ease in getting the loan for younger people
Is it easier to buy a house if you are married?
One of the first things the couple thinks after getting married is to move to their own place after getting married. Also, considering the finances merge after marriage, it is best to consider each other’s priorities in life and where buying a house stands in the list.
However, couples usually consider real estate tips for buying the house after marriage as it serves them with ease and provides different kinds of benefits. For instance, couples have an exciting goal to look forward to.
So, are you a first time home buyer? What to look for when buying a house? You definitely need tips for newlyweds on buying a home.
A few home buying tips and tricks might help you make the process a little easier.
How to buy a house as a young couple? Given below is a house hunting must haves checklist consisting of the essential home buying tricks for buying your first home that you should know.
1. Create a new home wish list
Home buying process can become a little overwhelming. When you are looking for a new home, one of the essential home buying tricks is that you have to look to maintain your credit score and go for houses that fit your budget and look at many other aspects.
It is a good idea to have a wish list in place and divide it into two groups- must-haves and ‘desires. Once that segregation is done, it is easier to make an informed choice.
So, one of the primary tips for buying your first home is that you go for your ‘must-haves’ list as opposed to your ‘desires’ list because there is no point in spending money on things that are not needed.
2. Find the right agent
The right real estate agent is going to play an important role from a financial point of view when looking for a new home. There is a difference in the commission rates among different agents, as well.
Therefore, if you feel that the agent that you have taken is not showing you many options and is charging more money, you have the liberty to change according to your convenience.
Agents have the habit of showing one or two properties, and they expect you to purchase them right away.
Other important home buying tricks is that you should not only find the best properties but also make sure that you are looking for the best agents.
3. Find a proper loan officer right away
When you are looking to buy a house, a loan is generally the mode of financing. However, with loans, there are a lot of other aspects like payback time, interest rates, etc.
A good loan officer will be able to give you proper guidance in this respect. Therefore, always look for a loan officer who is knowledgeable in all aspects and who can make sure that you get the best price for your selected home.
If your loan officer is not explaining the terms as well as conditions associated with the loan and keeping you in the dark, you are going to suffer. A loan comes with several conditions, and it is your responsibility to understand them all.
As one of the home buying tricks, ask your loan officer as many questions as you want, and if you think that you are getting answers to all your questions, you will not face any issues moving forward.
4. Get pre-qualified or pre-approved for a loan
Getting a loan for a new home can also become a little tedious process if not done through proper channels. The approval of the loan majorly depends on your credit score.
As one of the essential home buying tricks, make sure your credit score is healthy and get loans that are pre-qualified or pre-approved. The first thing that you have to do is work on clearing any existing debts that you have.
If you have already been defaulting on your previous loans or you are being contacted by the creditor’s time, and again for clearing the debts that you have, it is obvious that your credit score is low.
To get approved for a home loan from traditional banking institutions, you need to have a credit score of 650 and above. You can also take home loans from personal lenders.
5. Look at the expenses that will go into the house
Just getting a home is not all. Sometimes, there will be additional expenses associated with the renovations and other associated expenditures as well.
Making sure you take all of that into account as well before finalizing the deal as home buying tricks. It should not become too much of a burden later. If you are not purchasing a furnished home, you have to purchase all the furnishings on your own.
There are several other costs that you have to bear at all. As one of the important home buying tricks, ensure that you understand everything right from the time you decide to purchase your home.
6. Remember the relationships
In real estate, relationships play a significant role. If you are in good terms with someone, the chances are that they will show you better properties at cheaper rates.
Even if you don’t like a property, you should be cordial in expressing your opinion so that the agent doesn’t get offended. Always maintain a good relationship with your agent.
If you have a good relationship, there is a chance that you will get discounted rates as well, which is a good thing.
7. Clear outstanding debts
Buying a house is a huge decision and can be draining emotionally, physically and financially. So, remember home buying tricks like make sure you don’t have any debts or clear them before getting into the process of finalising the house. Else, it will be difficult to manage such a huge chunk of loans.
Also, enhancements in the home are a never ending process.
8. Don’t rush the process
The entire process of picking home for a newly married couple can take months. So, don’t assume that the process will be complete soon after you make the final decision. Considering there are numerous bank works and ownership transfer obligations, the process is full of hassle and time consuming.
So, it is best to not give up and tackle one issue at a time.
9. Stick to the budget
The higher you go in the budget, the dreamier will be the house. However, just stick to your planned budget to avoid any hassle in the future. Once you decide on the house within the budget, everything will become easy as you will not have to stretch your spendings just because you ended up wanting a little extra.
10. Opt for home inspection
Don’t avoid this part.
While most homeowners skip this step as being unimportant, it helps minimize the property-related risks. There are various private companies that provide full-length thorough home inspections to figure out any type of safety-related risks and offer confirmation regarding the same.
11. Always negotiate
There’s always room for negotiation. Usually, the price of the house is placed at the highest possible rate to fetch out the maximum amount. So, you can always negotiate the price and based on your skills and experience.
Be clear in the beginning and don’t act eager. This will help you close the deal in your favor.
The video below discusses how to negotiate on the property:
12. Look for home insurance
Home insurance is essential to save yourself from the natural disasters or any unforeseen calamity. It is one of the crucial home buying tricks to secure your home. It provides coverage against man made disasters as well. It could be of two types namely, building insurance and home content insurance.
13. Consider buy vs. rent
One might be lured to find a property falling in budget but it is necessary to figure out what is more feasible from the view of investment. If buying a house is a lot expensive and will only disbalance your spending vs. savings, it is better to opt for choosing to live on rent.
14. Check your neighbourhood
As much as the interior of your house is important, it is equally essential to check how the neighbourhood is and how your neighbours are.
The house should not be completely at a remote location where you have difficulty fetching the basic groceries. Also, considering you will be the permanent owner, know what your neighbours do and if they are amicable enough.
15. Choose the right lender
When applying for loans, choose the right lender bank that has low interest rates and provides you other perks. As buying the house is a huge decision, even small savings and extra benefits will make a huge difference.
In the current age, people invest in real estate at a young age. Therefore, the number of young buyers is increasing, mainly because of the dual income and nuclear family system. That being said, the eagerness of building a home together should be followed with right home loan advice, sound investment advice, proper financial plans and right property buying guide
If you feel disconnected or frustrated about the state of your marriage but want to avoid separation and/or divorce, the marriage.com course meant for married couples is an excellent resource to help you overcome the most challenging aspects of being married.
Curtis Brown is writing a blog for the perfect agent, a blog dedicated to a real estate agent in the process of selling or renting a property. Also, offer the best service in the real estate industry by connecting customers with top-performing real estate agents. He has written articles on most real estate, real estate agents, and home-related topics.