5 Tips for Honeymooners Looking for Their First Home Together
After tying the knot and enjoying the honeymoon, you and your spouse may be ready to either build your first home or buy your first home as a married couple. The chances are that you’ll rent for several years, save money, and then get a home together. Continue reading to see five tips for honeymooners looking for their first home together.
But if you’re both in the position to purchase a residence, how should you go about it? When you look into things, you’ll see that it’s not as straightforward as they might appear.
The two of you might need to do a lot of give and take before deciding on a house to call home.
1. Check Your Credit
Unless you and your spouse have the financial money to buy a house in cash, you’ll need to check your credit score. The goal is good enough credit to qualify for a mortgage loan. While you can technically get a house loan with a credit score in the upper 500s, you need to strive for higher than that. The reason is that you’ll get better loan conditions if you have a high credit score. If you and yours need to take time to improve your credit score, do so. It could take several decades to pay off a home. So, you’ll want a favorable interest rate and good overall terms. Sometimes that might mean renting until your credit score is better.
2. Clear Off Debt
If you and your spouse have a heavy debt load, you should consider paying that off before adding what could end up being a debt albatross. It’s no fun being house poor. So, if you have high-interest credit card debt or consumer loan debt, pay that off first rather than add to it. And if you have a ton of student loan debt, you’ll want to tackle that and get it under control.
3. Set a Realistic Budget
You’ll also want to set a realistic budget together. Again, you don’t want to be house poor where you have barely any money left after paying your monthly mortgage. That’s a recipe for a lot of early-marriage stress and arguments. You’ll be better off buying a home at a price point less than you and your spouse can technically afford — so that you have some wiggle room.
4. Put Together Emergency Fund
It’s a good idea to have money set aside for emergencies. And you can be sure that things will happen that require you to get work done. For example, the HVAC unit might go kaput during a cold snap, a plumbing problem could materialize, or something else could happen. You’ll want to know that you have money to handle emergencies that rear their ugly heads.
5. Find a Suitable Real Estate Agent
You’ll also want to look for a real estate agent you can work with. Do your research to see which agents focus on where you want to buy a home. Ask people you know for recommendations. And when you find a list of a few agents you’re considering, give them a call and ask some questions. The answers you get will help you choose the right one.
These are some of the things you’ll want to keep in mind when buying a home as a newly married couple. For example, it’s easier to choose diamond rings for the wedding than to choose a home to live in as husband and wife.
Consider the steps above, and move comfortably for both of you. Buying a home isn’t something you’ll want to do rashly. If you’re on the same page as your spouse, both of you will figure it out and find a home that meets your needs as a couple.