The process of buying a property as a couple might not be the smoothest journey ever but it’s worth your dedication. It involves making tough decisions together, which calls for a lot of compromise from both parties. Sometimes the making of those seemingly small decisions might be fun (or not) and it’s also normal to experience some disagreements here and there.
Therefore, if you and your spouse are considering investing in a house, condo or whatever that you feel suits, a little bit of both financial and psychological preparation is important. This will not only make the journey enjoyable, but also bring you closer.
We compiled a list of considerations for couples seeking to buy a property and we hope it does come in handy:
Decide On The Type Of Property That You Want
Knowing exactly what you want will save you a lot of time and frustrations right from the beginning. Is it a townhouse, house or a Condo? List every available option that you have in mind and take time to list each of their various pros and cons. This should include several aspects such as the price range, location, purpose and maintenance expectations. Once you settle for the option that suits your needs, try checking out the Watercolor Florida Homes For Sale, for variety.
Avoid deciding under pressure or influence of family and friends. You’re doing this for yourselves first, before everyone else. So set your priorities right.
Distinguish Between Wants And Needs
Take your time to clearly jot down your wants. What is it that is a must-have, wouldn’t mind having and won’t consider having? This could be anything from the number of bathrooms, the size of the kitchen, parking space, the size of the living room and dining area, etc. You can decide to do this independently, then get together for a discussion to come up with a compiled list or do it jointly from the beginning. There is no absolute correct or wrong way of doing this. So do whatever works for you.
It’s always good to be on the same side before you meet the real estate agent. That way, they can easily understand your needs and get comfortable working with the two of you.
Get An Account Of Your Credit Scores
Do you even know your current credit score? Asking yourself this question is an excellent starting point. High credit scores attract good home loans with amazing interest offers. So if both of you have good credit, you get to enjoy the benefits of a joint loan, which means more money to spend.
However, if unfortunately, on the other hand, one of you has a bad credit, then it’s advisable to let the one with good credit apply for the property loan. Yes, you might get a less amount, but there isn’t something too small for two dedicated individuals.
Work Towards Building A joint Reserve
Property ownership isn’t something you just wake up one morning and decide to do. If you have reached this point, then you must have discussed it with your spouse and set a given time frame to fulfill your goals. Therefore, you should also start saving for your down payment and other miscellaneous costs. This could be costs related to legal fees, closing cost and other forms of costs that might just blow-up at the last minute.
Draw That Budget Together
Take time to plan on your current financial status. How stable are you and how much can you comfortably spend in a month. Remember when you do get your property, you will also have mortgage expenses at your sleeve. Don’t budget your payments based on your current rent expenditure as it might be a little bit higher. Also, you will have to pay taxes and spend more on utility bills as compared to your present home. Get all that into consideration to get a clearer picture of what to expect in the coming days.
Get That Pre-approval
Getting a nice property at your dream location and finally keeping it isn’t easy. You have to show immense interest and make a commitment. Remember, you aren’t the only ones in the search, so if you like it, there is a higher possibility that someone else has. Therefore get pre-approved and make a quick offer, so that no one beats you to it.
Buying your first property as a couple can be quite daunting. But with the right set of mind, you can both make it through successfully. One thing that you should always keep in mind is that you’re one, so you shouldn’t work against each other. Set a budget and time-frame and stick to it. The results of a joint effort are so rewarding!