For newlyweds, the best investment may be purchasing a new home. Owning a home is a better investment than renting and can help the newlywed couple build equity, and may even give you access to some tax breaks. Now buying a home is not an easy task and is a great investment of time, emotion, and money. Please use this guide as a reference for newlyweds that are interested in buying a home.
1. Prioritize
Knowing what you and your spouse would like in a home before you begin searching will help save time and frustration. It also helps make sure that you and your spouse are on the same page. Are things like a two car garage, or a certain number of bedrooms absolutely necessary? Make sure you and your spouse have the same thing in mind before beginning your search. Also, if your needs differ, be willing to compromise with one another as you locate a home that suites your needs.
2. Research
Scour the internet, check the newspaper classifieds, pick up a real estate magazine, and even attend a few open houses. Doing research will help show what kind of houses are on the market today. When looking on online or in print, try not to make any decisions based on what you see. A picture can be somewhat deceiving. The best way to find the real story is to talk to the people around you who could potentially be your neighbors. They can provide insight into things like the positives and negatives of the town that the home listings are unable to.
3. Get your money in order
Make sure your financial ducks are in a row. Before you can buy a home you need to have good credit. It is recommended that you pay off your debts and make sure you have enough money available to cover the down payment and your mortgage payments. Also make sure you are buying just enough home for your needs and don’t go on a spending spree to fill up that new home. Only buy things that you can afford and you should be in good shape with your spouse.
4. Find a Good Real Estate Agent
Consider your Real Estate Agent as part of your home buying team. You need to find one that is knowledgable of the neighborhoods that you are interested in moving to, and one that will listen to your needs and try not to steer you into a home that you are not interested in or cannot afford. The Real Estate Agent has the experience to help negotiate and close the deal. They also have the experience to foresee problems and should be able to resolve them, or can call in favors when necessary. When choosing a Real Estate Agent, it is important to talk to others including your friends, family, and colleagues for recommendations. It’s also good to chat with Real Estate Agents during open houses.
5. Be patient
Good things come to those that wait. If you can remain patient throughout the home buying process, you are less likely to rush into things and wind up with a home that you don’t like. Also try not to get frustrated. If you feel like you are unable to find a home that suits your needs, it might be best to take a break from looking at homes. Even if it is only for a few weeks, this break might be enough to get focused and recharge your search.
6. Negotiate
Coming in with a good game face will help keep control on your side. No matter how much you love a house, try to keep that to yourself. You’ll be at a disadvantage if the seller or their agent knows that you can’t live without their house. When it comes to price, you can use things like home repairs as a bargaining tool. You can often negotiate an “as is” purchase price. You never know what is possible until you ask.
7. Think about the future
You need to think of your home as more than just a place to raise your family. Your home is an investment, so think about the long haul. What will the resale value of your home be five or ten years later? What do you think the neighborhood will be like then? A good real estate agent should be able to help see the bigger, long-term picture and can help make your money work for you and the future.
If you have any questions about the home-buying process or would like to be connected with a real estate agent, feel free to give us a call at 570.601.0774 or send us a message. We are here to help.
