Your honeymoon is almost over and you and your spouse have been thinking about purchasing a home for a while now. There are a few important things to keep in mind while house-hunting. As newlyweds, there are five questions both of you should be able to answer before purchasing a home. Union Home Mortgage wants you to have a smooth and easy home-buying experience, so we have listed the five questions below. Check them out!
- How much can you both afford?
It is always smart to know how much house payment you both can afford. Usually, best practices are to dedicate one quarter of your income to your house payment.” Unfortunately, unplanned setbacks may happen. With just 25% of your income needed for your payment, an income loss won’t mean a home loss. Know your financial situation before you approach a mortgage lender.
- What additional costs might we incur?
First-time homebuyers often tend to miscalculate all the additional costs associated with buying a home. Make sure you consider and prepare for any repair or unplanned costs that may come up – anything could happen! Remember to include your utilities and your premium monthly mortgage insurance in your budget, as well.
- What do you both want in a neighborhood?
Knowing what you want to come home to every day is really important. Make sure you align on your neighborhood “must-haves” in advance. Go check out your top neighborhoods during different times of the day. This will give you a feel for what each neighborhood is really like and will give you a better idea on if any are the right fit for you.
- Will this house fit our long-term goals?
Purchasing a home based on both of your financial situations is critical but it is also very important to choose a home that fits your future work- and personal life. Purchasing a home on the smaller side might not be the right fit for a couple planning to grow their family in the future. Think long-term!
- Are we prepared to be homeowners?
The biggest question both of you really need to consider: Are you both ready to be homeowners? Owning a home is a huge financial responsibility and a lot of your time will be spent dealing with your home in many different ways. Be sure to have a conversation and jointly decide when the right time will be to take the big first step toward buying a home.
Once you and your spouse 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!