Buying a house is like preparing for your wedding all over again. However, this time, it’s not just a one-day event. It’s something that can affect your lives until the next five to ten years or so. Your future home is an investment that will last a long time. Hence, it also requires strategic planning, not to mention financial savings.
Like dealing with any other aspects of your relationship, communication is critical. While it’s normal to have different preferences, it’s essential to focus on things that you both agree on when it comes to house buying. To bring you a step closer to purchasing your first home, here are the things you and your spouse should discuss:
First, determine why you want or need to buy a house. As early as your planning stage, it’s vital to lay out what you hope to gain from this purchase. Do you want a place of your own? Is this a place where you will be raising your children? Is this part of your retirement plan? Knowing the answers to the questions while having similar goals in mind can make your house-hunting process easier.
Setting a budget keeps you on the right track, but make it realistic. Don’t go beyond your means, and choose only what you’re comfortable paying. Unless you’re paying in cash, know how much you will need for the down payment. Typically, this is 20% of the house’s price. The rest will then be mortgaged. One good rule of thumb is to not spend over 36% of your gross monthly income on home payments. Likewise, the three to six months before buying a new house is also crucial. Stray away from unwise spending decisions to maintain a good credit score.
As much as possible, get your home loan preapproved. This way, you’ll know upfront how much you can afford and how much you can borrow from your lender. This further narrows down your options, so you don’t spend time and energy looking at the wrong ones.
Wants and Needs
Finding a house that meets all your and your spouse’s separate requirements and fits your budget is undoubtedly the best thing you can hope for. But it’s unlikely to happen. You might need to comprise a few needs and let go of particular wants. Overall, you have two options: buy land then build a house or look into house and land packages in Donnybrook, Victoria or other parts of Australia. At the very least, agree on the essentials, then discuss some extra features that will be nice to have. It’s ideal to be in unison with your spouse on the kind of lifestyle that you want.
Real Estate Agent
Traditionally, all agents represent the sellers. Depending on your preferences, you can also opt to hire your own buyer’s agent. Since this is your first time, it’s a great idea to consider. Your buyer’s agent can help you look for more options and negotiate with the sellers on your behalf. Don’t be afraid to ask them questions. It will surely reap more benefits than expected.
Buying a house is one of the toughest decisions you’ll make as a married couple. However, no hardship remains unsurpassed with proper communication and mutual understanding. So have an open mind to each other’s opinions and suggestions. From this day on, you’ll be working as a team, and sharing the same vision is essential.