While buying your first home is a big deal, buying your first home with your spouse or partner can make the whole experience an even bigger deal. Not only are you needing to find a home that makes sense for you as an individual, but you have to think about your future together as well.
To help you in making all of these decisions, here are three tips for buying your first home together.
Plan How Long You’ll Stay
Before you go about finding a new home to buy together or looking too far into getting a mortgage, you’ll first want to discuss how long you’re planning on staying in this house that you’re about to buy. Your answer to this question will have a big impact on how you should proceed.
According to Daniel Bortz, a contributor to Realtor.com, if you’re wanting to make this house your forever home, it makes sense to get a 30-year loan with a fixed interest rate. However, if you’re wanting this to just be your starter home that you plan on moving out of within a few years, you could choose an adjustable rate mortgage so that you can take advantage of potentially lower interest rates. How long you plan to stay will also contribute to things like how much space you’ll need and how close you’ll want to be to certain amenities.
Know Your Current And Future Priorities
When thinking about what you need in a house that you’ll share with your partner or spouse, you’ll want to think very hard about both your current and your future priorities.
While what you need right now might be a space that’s close to your work or has just enough room for you and your partner, MortgageCalculator.org shares that you should think about how your space and location needs might change if you have kids, change jobs, or have other transitional periods of your life. So while you might not care about school districts right now, planning ahead for things like this could make your life a lot easier in the future.
Don’t Stretch Your Budget
If you’ve never bought a house before, you may be surprised at how expensive home ownership can be on top of the costs that you see on paper when you’re buying your home.
Because of this, Mike Hambright, a contributor to Forbes Real Estate Council, recommends that you don’t stretch your budget when you’re buying a home with your partner. Undoubtedly, buying a home you can’t afford, while it might make you feel good when you first move in, will put a lot of stress and strain on your relationship, which is something you should try to avoid.
If you’re going to be buying your first home with your significant other, consider using the tips mentioned above to help you go about this the right way.