Tips for Newlyweds Buying a Home
With the excitement of a new marriage also come big decisions and opportunities. Buying a new home is often one of the next big steps for newlyweds. The home buying experience can come with a fair amount of excitement as well as uncertainty about the process. Fortunately, in addition to having a new place to call their own, newlywed home buyers can look forward to a number of other benefits from homeownership. And, with the right professionals at their side, the newlywed couple doesn’t need to be afraid of the process of buying a home.
6 Benefits of Homeownership for Newlyweds
Homeownership comes with many benefits, especially helpful for those who are just starting life as a married couple. Here are just some of the benefits of owning your own home:
Unlike renting a home or apartment, owning a home allows you to start to build equity in an asset that will grow in value over time. Equity is the value of your home after you subtract the outstanding amount of your home loan. Over time, you pay off the mortgage, so you own more and more of the home. And, in most markets, the value of homes rises over time based on inflation and other factors. That money is yours, too.
Achieving Financial Goals
Being a homeowner is the perfect start to a solid financial future. It provides you with installment loan history on your credit profile, raising your credit score if you make payments responsibly. And, you own a valuable asset that can be put to work in a financial emergency or for other purposes, such as with a home equity loan or HELOC (home equity line of credit).
Freedom and Privacy
Renters are subject to rules laid out by the landlord, and apartment residents have to live in close quarters with many other neighbors. Owning a home not only provides you as newlyweds with much appreciated privacy as you start your life together, but also allows you the freedom to make your home your own through renovations, remodeling and customizing the home to your tastes.
Room to Build a Family
Whether you are planning for a family right away or sometime in the future, you can find a home that will have plenty of space for a growing family. You can make sure there’s room for visiting friends and relatives and space to accommodate any lifestyle you choose.
When you own a home, you may qualify for a number of money-saving tax deductions such as the cost of mortgage interest payments, property tax and even energy efficient upgrades. Newly married couples, now with dual incomes, appreciate having the tax benefits of home ownership.
Pride of Ownership
Owning and caring for your own home is a satisfying experience. Unlike a rental home, where someone else makes decisions about things like landscaping and maintenance, you can make sure your home is well maintained, looks great and is a “just right” comfortable place for you and your spouse.
Tips for Newlyweds Ready to Buy a Home
Once you have decided to make the leap and begin searching for your first home together, there are many things you will want to consider to make sure you find the perfect house to meet your goals.
Determine a Budget
The first step before buying a home is to determine how much you can afford. A lot goes into budgeting for a house. You will need to decide how much you can spend on a down payment and what amount you can afford for your monthly mortgage payment. Also consider what you can afford for utilities and maintenance, and how much you can put into upgrades and renovations. It is critical to examine all the expenses that go into home ownership so you make sure that you don’t bite off more than you can chew.
Obtain Credit Scores and Loan Pre-Approval
Couples first starting out should take time to assess their credit status before applying for a mortgage. As a first step, get free copies of your credit report. You will each have your own credit history, so you will want to check both if you plan to jointly apply for the mortgage. If you find there are errors that hurt your score, now is the time to get them cleared up.
Then, it’s time to get a loan pre-approval letter that will speed along your bid when you are interested in a home. With your budget worked out, your real estate agent can get you in touch with a mortgage lender to get this simple step completed. The letter will list a loan amount that you will be eligible to borrow.
Decide on the Type of Home You Want to Buy
Start by making a list of both wants and needs for your new house. As newlyweds, this is a chance to learn what each of you prioritizes and make sure both of you are happy. How many bedrooms do you want? Do you want a big kitchen for entertaining? A big yard or a small one? Are you looking for a fixer upper or a home ready to enjoy? This will help you to agree on a basic home profile so you and your agent can narrow the search. Knowing what you are truly looking for before you start can save you a lot of time and legwork.
Find a Great Real Estate Agent
Finding a great real estate agent can make your home buying experience easier and less stressful. Your real estate agent can help you find the properties you want based on your checklist, schedule showings for you to visit them, help you determine the right price, and guide you through all the particulars that come with the home buying experience, such as inspections, appraisals, and bids. Your agent represents you during the process and works on your behalf to get you into the right home at the right price for you. Normally, the seller pays the agent fees, so there’s no cost to you for the real estate agent’s services, and usually their expertise and negotiating skills will help save you money.
Want more information on buying your first home as a couple? Download our free homebuyer’s guide to help you understand the home buying process step-by-step.
Helping Newlywed Home Buyers Find their Way Home
Make your home buying process as pleasant and easy as possible by choosing an experienced and caring real estate agent who will make finding the right home for you their top priority. Brown Blankfeld real estate agents have decades of experience delivering a great home buying experience and matching Southern Nevada homebuyers with the perfect home.
We are ready to help you turn your home ownership dream into reality