Many newlyweds today look forward to settling in their own home and dealing with all the personal and financial aspects that come along with it. Home ownership is known as an excellent long term investment, considering the favorable real estate prices and low interest rates which can help newlyweds in building equity while living in a home they can call their own. Home buying is a complex process and a huge financial commitment, so if you are a couple buying a home, both of you needs to gain an understanding of the market and know what critical features and benefits too look out for. These tips can help you along the way as you look for your dream home.
1. Be Prepared
Home buying is not a short term investment. In fact, many homes take between 5 to 13 years of payments every month before you can say that the home is truly yours. Considering the financial commitment involved, both you and your spouse need to discuss if you are indeed prepared. Discuss all your financial concerns, what you need in a home and the expectations both of you have. This is will allow you to plan everything out properly.
2. Get Pre-Approved For A Mortgage Loan
You need to be financially prepared when buying a home. If you have the money at hand to buy the home then you can proceed in shopping around for a home that is within your price range. However, if you do not have the necessary funds, then you need to get pre-approved for a mortgage loan. Knowing your price range is important, so getting pre-approved determines how much both of you can afford.
3. Get Advice From Professionals
Considering the fact that you are newlyweds and first time home buyers, you will need professional assistance during the home buying process. Look for a real estate agent to help you, as well as a qualified lawyer who can review all legal documents. You will need a real estate professional to help you prepare offers and handle negotiations during the home buying process.
4. Think Long Term When Choosing Your Neighborhood
When you buy a home as newlyweds, you need to think long term and consider the neighborhood you will be living in and where your children will grow up in. Aside from making sure that the home will be children friendly, you also need to make sure that the neighborhood is safe and children friendly. If you have any doubts about the neighborhood, do not hesitate to ask about it or move on to the next home on your list.
5. Have The Home Inspected
There is a possibility that you may become attached to a certain home which you may consider to be your dream home. You might even rush to make an offer, before someone else does. However, sometimes the most beautiful home will have flaws in it that are not quickly seen. This is why you need to have the home inspected first to see if it meets your expectations. If the home is not brand new and requires extensive renovations, then it is not a good deal and not your dream home after all.
Overall, home buying must never be rushed especially when you and your spouse are excited and overwhelmed by the pressure felt in owning your dream home.
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Valerie Peters is a freelance writer specializing in home buying and real estate. She offers home buying tips to newlyweds. Click here to learn more about family oriented neighborhoods.