Generally, after marriage, the next big step to commemorate a newly-proclaimed union is buying a home together.
In fact, home buying is considered a milestone for newlyweds, as it supports their transition from single living to starting a whole new life together as one unit– and perhaps, even building a small family to nurture inside the said home. Of course, it’s also a good idea to try and limit significant life changes, but for many, marriage and buying a home go together like a horse and carriage.
That said, purchasing a home involves loads of responsibilities that one should be ready to take along with their significant other. So, to help newlyweds through the cumbersome homebuying process, here are nine tips for newlywed house-hunting.
Find the right agent
Hiring the right real estate agent will play an important role when looking for a new home, especially from a financial point of view. It’s also important to note that there’s a (significant) difference in each agent’s commission rate.
So, if you feel like your current agent is not showing you a lot of options and is charging you more than you can pay, remember that you have the liberty to change according to your preference and convenience. Go and look for the right agent for your needs. You and your partner will thank yourselves for it in the future–we promise!
Choose the best loan officer for your situation
Getting a loan is generally the preferred mode of financing when buying a home. Of course, with this type of setup, you’ll have to consider several aspects like payback time, interest rates, etc.
Hire a good loan officer to give you proper guidance in this respect. The best choice will be knowledgeable in all aspects and assure that you get the best price for your home. Don’t choose a loan officer who doesn’t explain the terms and conditions associated with your loan. If you’re kept in the dark, you’re the only one who’ll suffer along the way. Remember, a loan comes with several conditions, and it is your responsibility to understand them all.
Get pre-qualified or pre-approved
If not accomplished through proper channels, the home loan process can be a tedious one. Getting approved for a loan also majorly depends on your credit score. Keep a healthy credit score for pre-qualified or pre-approved loans. Work on clearing any existing debts that you have. To get approved for a home loan from traditional banking institutions, you need to have a credit score of 650 and above. Another option is taking home loans from personal lenders.
Create a new home wish list
Create a home wish list with your partner to determine the type of houses to look for that fit your budget and preferences. It’s a good idea to divide it into two groups— must-haves and desires– so it’s easier to make an informed choice. Be sure to prioritize your needs, so you won’t run out of budget for the things that really matter.
Relationships and connections are key
Like it or not, relationships and the right connections play a significant role, even in real estate. If you are on good terms with someone, the chances are that they will show you better properties at cheaper rates. And if by chance, you don’t like the property you’re shown, it’s important to be cordial in expressing your opinion so that the agent doesn’t get offended. Always maintain a good relationship with your agent. Who knows? You may even get discounted rates because of your kindness!
Don’t rush the process
The process of picking a home, especially for a newly married couple (with different likes and opinions), may take months(at best). So, don’t assume that the process will be complete soon after you make the final decision. Aside from lengthy discussions and adjustments, there are also several bank works and ownership transfer obligations to complete, and the process WILL BE time-consuming. Don’t rush the process. Instead, tackle it one issue at a time and let it run smoothly.
Stick to your budget
We all know that the higher your budget, the dreamier the house will be. However, sticking to your planned budget will help you avoid future hassles and debts! Once you decide on a property within your proposed budget, the rest will come easy as you won’t have to stretch your spending because you ended up wanting a little extra.
Hone your negotiation skills
Don’t forget that there’s ALWAYS room for negotiation. Sellers usually place their home prices at the highest possible rate for maximum revenue. So, don’t hesitate to negotiate the price based on your skill and experience in bargaining. Always be clear and never act too eager. Do these tips, and you’ll close that deal in your favor!
Check the neighborhood
As much as the home interior is important, checking how the neighborhood is and how your neighbors are is also a must.
Avoid choosing a home in a remote location where you’ll have difficulty doing errands. Also, considering you will be the permanent owner, know what your neighbors do and if they are amicable enough to live beside you for the rest of your homeownership.
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