Buying a house with your loved one is one of the most exciting milestones in your life. You have new responsibilities to consider, but they are more than worth it. You also possibly have more financial resources and opportunities for subsidies, which can put you in a great piece of real estate. Here are 11 steps to buying a house with your significant other.
1. Am I going to have a full blown family soon?
The very first step to buying a house with your spouse is to have the baby discussion. Your time frame to expand your family will determine literally everything else about your house including the location, the square footage, the culture, and the range of the price. If you are going to wait a while, you will probably choose different specs for your house and possibly sell it for another home to have the baby later.
2. What is the neighborhood culture going to be like for our family?
You will have different needs if you are looking to expand your family than if you are not. By the time that you bring professional agents and bankers into the equation, you want to have at least a general idea of the culture that you want to be a part of.
3. How are my finances and those of my spouse?
The next filter for your house buying process will be your budget. Because you are working with two people, you have more opportunity than with one. Even if only one person works, the second person may still add credit to the game, creating a better situation for the two of you.
4. Should my spouse be a guarantor to the loan we are looking for?
If you pick a property that you both want with the proper culture and architecture, you may have a property that is slightly out of your price range. You may not have been able to navigate this bridge as a single person; however, your spouse may be able to serve as your guarantor, adding his or her credit to yours for a better interest rate and lower monthly payment. Having a guarantor may also open your account up for many other benefits including the waiver of many fees and insurance payments. You may not be responsible for as large of a minimum down payment, either.
5. Do we have the right real estate agent for the job?
The real estate agent that you choose should specialize in larger properties for growing families, not in townhouses for retirees who are looking to downsize. Not even professionals who are in real estate for a living have all of the time necessary to look through all of the information that the Internet gives. You also do not want an agent with so much varied business that your negotiations get overlooked. Because you are buying this house for your family, you deserve priority. Get an agent who specializes and who will prioritize your account.
6. What are the community amenities like?
You have a chance to upgrade beyond the lifestyle of the average single person just because you have a significant other. Real estate is only about money to a certain degree: You will receive the rest of the insider information only if people like you. As a couple, you will receive offers from communities who look for people like you because of your similar lifestyle. Use this to compare and contrast the community amenities of different neighborhoods as you are making your decision about a house. Even if you have a dream house in mind, if it is in a lesser neighborhood, you may lose out on your quality of life.
7. Do we need an accessible neighborhood for employment opportunities?
Many young couples must also consider the proximity of the neighborhood to highways and main thoroughfares. Having a consistent income is a big part of buying a house with a spouse, and professionals may have to consider a certain commute in order to achieve that income.
8. How big of a house do we need for our family?
More modern architecture can squeeze more usable floor space into a smaller floor plan. Check the born on date of the properties that you are considering, and take a walkthrough of the properties so that you can actually determine how much usable floor space there is before buying a big house with a huge infrastructure that just gets in the way.
9. Should we go with a homeowner’s association (HOA) or a freestanding property?
An HOA frees a couple from certain maintenance on a property, and this may be advantageous to a couple that likes to go out. However, a freestanding property saves a couple hundreds of dollars in fees per year. Decide whether convenience is worth this cost to you.
10. Are we eligible for any government subsidies?
There are many government subsidies from programs like the Federal Housing Administration (FHA) that can save a couple a great deal of money on a house. These programs can also save a couple from down payment minimums and private mortgage insurance (PMI)Â payments.
11. How much cash do we have on hand?
Cash is king, and the more cash that you have on hand as a couple, the more options you will have. Decide on a property, and then decide whether you have enough cash to make that property affordable for you.
2 Point Highlight
You may not have been able to navigate this bridge as a single person; however, your spouse may be able to serve as your guarantor, adding his or her credit to yours for a better interest rate and lower monthly payment.
There are many government subsidies from programs like the Federal Housing Administration (FHA) that can save a couple a great deal of money on a house.
