Before buying a home as a couple there are a few things to keep in mind in order to make the right decisions. So many couples get ahead of themselves and don't think about how the main obstacle between them and their dream home could be, well, themselves. Below is some advice I always give to newlywed home buyers, and I think it will definitely come in handy for you as well.
Be Frugal Until Closing
If you and your new spouse are planning on buying a home within the first year of marriage, do not purchase any big ticket items like a car or anything you have to finance. When you apply for a mortgage, your lender will be turned off by the fact that you have new debt, which will hinder your chances of getting financing for a new home. In some cases, the lender may ask you to pay down that new debt which could cost you thousands of extra dollars. Hold off on making those purchases until after you buy a home.
Don’t Get Your Heart Broken…By Looking at Pricey Properties
House hunting can be an exciting experience and you may be very eager to get out there and look at all the beautiful homes that your market has to offer. Before you 'put the cart before the horse' (as they say), call your mortgage lender first and get a pre-approval. Although you may run the numbers on your own to figure out what your price range is, a lender may disagree with those numbers. A lender will take certain things into consideration that you are not able to. For example: your credit rating, credit card debt, schools loans, etc. So, to avoid heartache and falling in love with a home you can’t afford, get that pre-approval so you shop in your price range right from the get-go.
The Name of the Game is “Compromise”
Buying a house as a newlywed couple is a lot like the marriage itself. It’s all about compromise. One person may want a finished basement for a home theater, and the other may want that space for a potential playroom for children in the near future. Learning to agree to disagree is very important. If you both come to terms with one another's wants, the house hunt will be more enjoyable.