Newlyweds? 3 Tips To Survive Buying Your First Home
To say that buying a home is stressful is an understatement. Large amounts of money are involved, real estate laws can be perplexing, and the buyer vs seller relationship is essentially adversarial. For couples, two different personalities and sets of preferences must be reconciled. Further, purchasing a home calls in to play a lifetime of emotions, which may be positive or negative, related to childhood homes. For newlyweds, buying a home adds additional stress to the necessary adjustment period of the first few months of marriage. Happily, there are strategies to use to smooth the process a little.
Talk, Plan and Talk Some More
Open and honest communication is critical. Each partner must express clearly exactly what he or she wants in the home, the desired location, and the amount of money each is comfortable spending for the down payment and the monthly mortgage, plus taxes and insurance. It is unlikely that there will not be differences of opinion, so negotiation and compromise are essential and each partner must be willing to give a little.
Work Only With Reputable Professionals
A licensed real estate agent, like those at Premium Mortgage Corp, is the first professional to contact. The house hunting process could take months, so it is important to be at ease with the agent and establish open lines of communication. Look for local well-established agencies and ask friends for recommendations.
At some point, a building inspection will be necessary. Again, look for a reputable, licensed inspector with years of local experience. Potential problems with existing homes can be specific to a particular climate or topography, so in-depth knowledge of the home’s neighborhood is important.
Finally, look for a lending company that has a solid reputation for honesty, fairness, transparency and ethical business practices. As recent history has shown, devious home lending practices do exist and can be ruinous. Check with the Better Business Bureau and regulatory agencies before choosing a lender.
Be Patient, Flexible and Decisive
Finding properties and arranging for a house viewing take time. Existing homes may not check all the boxes so be prepared to make some compromises. Inflexibility will only prolong the search and lead to many arguments. Further, be prepared to act quickly on a desirable property. Especially in highly-populated areas, real estate markets are highly competitive and that great house may slip away if not claimed quickly.
Eventually, the search will be over, the paperwork completed and the title signed. The work will be rewarded with a truly worthwhile possession: a home in which to start a life together