Planning your first home together as a married couple is such an exciting time in your relationship. The days of bachelor and bachelorette pads are behind you and you have to think about a home that will work for you as a couple and possibly for a growing family. With so many things to consider it can be difficult to know where to start. To help newlywed couples plan their first house together, this article is a guide to how to vision your new home after marriage.
1. Save the full down payment
Although some financial gurus will say that it is okay not to have the full down payment saved when you buy your first home, it is much better if you have it because you will have a much lower mortgage payment every month. Especially in your first year of marriage when you may have just spent a lot of money on an expensive wedding and honeymoon, it is great to know that you have lower monthly outgoings. Ideally you will be able to put a 20% down payment but if this is not possible, try and put down 10% or as much as you can. The bigger your down payment, the smaller your total mortgage loan will be, and therefore the more interest that you will have to pay.
2. Find the right house for you
Buying your first home together as a married couple is your first step onto the property ladder together so it is really important to consider the best home for you. It is likely that your budget will be a lot bigger than previously because now you have your combined salaries to buy a property with. With the current economic downturn caused by the Covid-19 pandemic, house prices across Canada and the US have significantly dropped, so now is a great time to buy. The experts of Edmonton Real Estate told us that while property prices are down right now, they will inevitably rise again as the world recovers from the pandemic, so you should not wait to buy. A good appreciation can give you a great profit when you come to sell in order to move into a bigger house as your family starts to grow. There are so many fantastic property options online and searching together as a couple is such a great experience to share.
3. Make sure you have a full emergency fund
There are many surprise costs that arise when you are buying a home so it is very important to have a full emergency fund in order to prepare for any unforeseen event. Whilst it is tempting to poor every penny that you have to buy the perfect house of your dreams but if you don’t leave yourselves any money, you can get caught shortsighted when your washing machine suddenly breaks or you find that you need to rewire the house. There are always problems that arise in your first year in any home. Do not assume that the house survey you have conducted during the buying process is going to uncover every potential issue. Things always go wrong and you must be ready for them.
4. Shop around for mortgage advisors
Make sure that you do your research when looking for your mortgage as there are so many options out there. Many first time buyers make the mistake of just going with whoever your real estate provider recommends, but they will probably recommend somebody that they know who might not actually be a good fit for you. The first time you buy a property, there is so much to get your head around that it is tempting to take the easy option whenever one is offered, but the key to buying a home successfully is research! Research! Research! Check rates from local providers, banks, building societies and online mortgage companies. A house is usually the most expensive thing you will ever buy so it is so important that you get the best possible deal on your mortgage.
5. Take your time
With all the excitement of being newly married and buying your first home together it can be very easy to get caught up in it all and rush into making a decision. It’s so important to take your time at every stage of the buying process and not to get carried away. There are big decisions that you will need to discuss together at each step and significant savings to be made as long as you are thoughtful at all times. Be sensible and weigh up the pros and cons of every decision that you make to ensure you get the best possible deal.
There are so many considerations that have to be made when you are buying your first marriage home together. Make sure you take your time and shop around for the best mortgage deal you can find out there. Remember, your first home is a huge investment so it is important that you think through every step of the process to ensure that you get the best home for you and your new spouse.
Published by Samantha Brown