For newlyweds, the process of buying your first home together can be both exciting and overwhelming. To help thwart off unnecessary stress, it’s important to be informed and avoid making these common newlywed homebuyer mistakes. Check them out!
Not getting pre-qualified. Many new homebuyers forget that before they even begin the search for a new home, they should talk to their lender and get pre-qualified. This will help give them a better idea of what they can afford before they start making decisions during the home-buying process.
Not setting a budget. Not only do many new homebuyers not know what they can afford, but they fail to stick to a budget. Many couples begin looking at houses outside of their price range, which could lead to big problems in the long run. Couples also forget they are not just budgeting for the home but need to budget for other fees and monthly payments, like homeowners’ insurance and taxes, as well. Finally, when it comes to budgeting: don’t use all of your saving on your down payment. It is good to remember the importance of budgeting extends well past the day you close on your home; budgeting will be crucial through every step in your life.
Forgetting about credit score. Many newlyweds forget to have their credit checked before they begin the process of buying a home. Don’t just assume your credit score is where it needs to be and don’t forget the importance of the score. If you aren’t sure, your credit score can be checked annually for free through www.annualcreditreport.com. Improving your credit score is something that should always be on your mind (check out our blog to learn how).
Being too picky. The next hurdle many newlywed couples face is being too picky. As a couple it is important to align on your wants vs. your needs. We all have our wish lists, but focus on the few things that are most important and prioritize them. Is a four-bedroom house or a three-car garage more important?
Going through the process alone. The last mistake many newlywed homebuyers often make is going through the process alone. As well versed as you may think you are in the housing market, it is important to team up with a mortgage lender and real-estate agent to get a full picture of all of your homeownership options. They will be your best resources and advocates through the process. As independent as you are, we promise you aren’t going to want to go through this alone.
Now that you are well on your way to becoming a homeowner, you know to avoid making these mistakes. If you have any questions regarding anything throughout your journey to homeownership, reach out to our Housing Buzz Team. We would love to help you analyze your options throughout the process.