You may be asking yourself, when is the best time for us to buy our first home as newlyweds? Buying your first home as a newlywed couple depends largely on your specific situation. So before you jump into homeownership, ask yourself a couple of questions to make sure you are ready for the investment.
First of all, it is important to look into your financial situation and analyze what you can afford. Ask yourself if you and your spouse are in a good financial position and have a handle on all of your current payments. Also, make sure you know what your credit score is and are actively working to improve it (check out how you can improve your credit score here!). It is important to note all of the expenses that will go into owning a home. Take into account things like closing costs, down payment, monthly payments and other costs associated with homeownership such as repairs and utilities. If you have determined you and your spouse are in a good financial position, you are well on your way to becoming happy owners!
You are also going to want to educate yourself on the ins and outs of the home-buying process. Read different materials online (our blog is a great place to start!) and connect with a mortgage lender. Your mortgage lender will be able to answer any questions you may have and help guide you on the road to homeownership.
Now it is time to analyze the places you could potentially settle down. Depending on your goals as a couple that could mean settling in a big city or a rural area. If you prefer big city living, a home in one of the top cities for newlyweds could be a great start for you as a couple. If you prefer living in a smaller town, there are many options you can explore. Take into account important factors like school districts, neighborhoods, work commute and other places in the area.
Once you and your significant other have decided it is time for you to buy your first home, you are well on your way to becoming a homeowner! If you have any questions regarding your home financing options, please feel free to reach out to one of our Housing Buzz specialists today!