As newlyweds, planning the next stage of your lives can be fun, exciting, and perhaps uncertain. If the “next step” for you and your partner means finding a new place to call home, this recent Realty Times article shares first-time home buying tips for newlyweds. Thankfully, a few simple strategies can help you conquer this next step with ease and confidence – together.
Choose the Right Neighborhood for Your Budget
Kick off your home-buying search by exploring neighborhoods that fit your lifestyle and budget. Remember to look beyond what your mortgage and home insurance will cost. Utilities, car payments, student loans, food, furniture, credit card debt and any other fixed expenses should be factored into your budget. Don’t forget to add in costs for annual repairs, as well as just some fun money to actually enjoy your home.
Take a look at the neighborhoods that appeal to you from how long your commute will be to the available recreation. Outdoor lovers and hiking enthusiasts will have completely different criteria than someone who loves the downtown nightlife, and either option will affect your budget.
Right-Size Your Life
Buying your first home as newlyweds is full of hope and excitement of the years to come. Soon you start thinking about how it could be your forever home and hold all the children and guests of your dreams. But in reality, any home you purchase should be right-sized for your current life or the not so distant future.
For example, purchasing a home for the five kids you want is expensive with a lot of upkeep and overhead. You may decide to put off having children for several years or change plans. Instead, focus on the home you need for the next five or six years that can comfortably accommodate the two of you. An extra room for guests, a new baby or an home office can add the needed flexibility to your new home.