After marriage preparations and celebrations are done, the next step for newlyweds is to look for a comfortable place to settle down. If you and your spouse decide to buy a house over renting one, you might be wondering where to start in the home-buying process.
Purchasing a house is a significant investment that requires careful consideration and preparation. You don't want your hard-earned money to go to waste by buying a house that was wrong for you all along. To help you navigate this new path, this post discusses the main factors to consider when purchasing a specific property plus why buying a home is more sensible than renting one for a newly wedded couple.
Where to Live after Marriage
There's no right or wrong place to live as a newlywed. It all depends on your present and future needs, plus the size of your pocket. The following factors will play a significant role in where you'll finally decide to settle down:
The size of your home matters, whether you're getting married later in life when you're financially stable or at the beginning of your career. There are numerous home sizes and designs perfect for different couples, such as:
- Tiny houses: These are best fit for newlyweds on a tight budget and those who aren't preparing to expand the family soon. Most contain one or two bedrooms
- Medium-sized houses: If you're looking for a little extra room to grow, medium-sized houses are a perfect choice. Most contain three to four bedrooms
- Spacious houses: If you're planning to have a big family right after getting married, a large house could be the ideal long-term living space. Most spacious houses have four to seven bedrooms
The kind of neighborhood you want you, your spouse, and your future children to live in will determine where you live after getting married. Naturally, you want an area near good schools and your workplace and a secure place with a low crime rate.
The amount you're willing and able to pay in real estate property taxes at the end of the financial year dictates the kind of home you can purchase. A big home in an exclusive neighborhood will likely cost you more in taxes than a modest home in a suburban area. Choose wisely.
Why Buying a Home Makes More Sense Than Renting
For several reasons, buying a home makes sense for a newly married couple. Some of these reasons include:
- Future plans: after marriage, you often want to settle down and start a family in a safe and comfortable place where your children can grow up. If this is the case, buying a house shows a long-term commitment to your future plans
- Financial situation: since it's just the two of you, you have more flexibility when it comes to your finances. So, this is the best time to finance a home purchase deal before financial obligations as you expand from being a family of two
Steps to Take When Thinking About Buying a Home
Once you and your partner decide to purchase a home, there are various steps to make the home-buying process as smooth as possible. These are:
Do your Research
Searching for your preferred living spaces is now possible without initially visiting the residences. From web listings to magazines, you can find any information on any residence that catches your eye, including prices and trends.
Discuss Your Unique Financial Situation with a Loan Officer
If you can't finance a home purchase out of pocket, you want to know the best mortgage financing options you can qualify for. Talking to a loan officer helps you get prequalified so you can understand your unique financial situation about how much you can borrow.
Shop for Your Ideal Home
Once you know your financial limits, you can shop for houses within your price range. You can look for the house yourself or work with a real estate agent to access information on homes you may not know otherwise.
Work with a Trusted Mortgage Company to Purchase Your Dream Home
If you and your spouse are thinking of purchasing a home for just the two of you or a future prospective family, First Savings Mortgage can provide you with affordable housing financing options. Contact us today to discuss a potential home purchase.