So congratulations, you recently just got married. You are now about to ride the wild and wacky roller coaster of being a couple, including the ups and downs, the highs and lows, and sunny days and stormy days. While you may still be floating high above because of your wedding high, you should already have a vision of the future, especially your first abode.
Since your home will be the foundation of your family, you need to be more than wise in buying your first house. After all, you don’t want to ruin a relationship all because you made a misstep the moment you buy your home. To avoid any snags when shopping for your first home, here are a few tips you might want to consider.
Preparation is vital
You just shelled out hundreds of thousands of Pesos for your wedding, stayed at a luxury resort for your honeymoon, and toured around some more because you’ve filed for a honeymoon leave. With all the splurging you’ve done, do you think your finances are already sufficient to handle another wave of expenses, albeit necessary? Set a short-term and long-term plan on how you will accomplish your goals and you’ll be set. These factors can easily determine whether or not you can get a home as soon as possible.
Do your homework
When you buy a piece of clothing or a brand new smartphone and it turns out to be a bad purchase, the financial blowback will not be as disastrous. However, a poor home option can plague you and your family for years; even decades, depending on how disastrous your purchase is. Whatever home you’re planning to buy, make sure to do your research: size, accessibility, durability, security, convenience, and other factors that can help you make a wise decision. Remember, it’s going to be the house where you and your family will be living there, so don’t screw it up!
Settle your debts first
Buying a house will require you both to be financially free, and this means that there is enough allowance in your budget for your monthly amortization should you begin to pay for your new home. While lifestyle adjustment can only do so much, what you need to clear first before you even apply for a home loan is your debt. When you apply for a home loan, they will check your debt-to-income ratio and see if your monthly income can accommodate additional debt. To increase your chance, make sure there is no debt under your name or you might ruin your chance to finally own your home.
Look at different financing options
Unless you have fat stacks of cash lying around, a house is something you cannot buy with cash. If you are serious about settling down to your very own home, you need to start looking at several financial options before you even begin your quest in finding the perfect nest. With this, the best bet that you have is finding the best home loan for you. However, keep in mind that you still need to shoulder a portion of the total sale price—which usually falls at 20 percent of the total amount—before you can even get approved for a home loan. If you have enough cash to buy a home upfront, then seal the deal right away.
Get a professional real estate agent
A professional real estate agent knows what he’s doing; do you think that they become pros by simply attending training programs or getting flyers from their office. Since you may be both inexperienced when it comes to home shopping, you need the help of a professional who knows the ins and outs of home buying and real estate hunting. With a professional agent, you can simply convey your preferences and let him do all the dirty work. It may cost you a bit more, but you are sure to get quality options.
Getting your first home as a couple may be one of the biggest steps you may do as a couple; after all, it will be both your solace from this crazy world. While the process of buying your home may be a frantic experience, just follow these steps and you’ll be just fine.