Most young couples dream of owning a property of their own. Whether their plans include a starter home, a new construction home or a condo, it’s important to understand the buying process and what you’re getting into first. Here are a few things young couples should consider before they buy a property.
What Type of Property Will You Purchase?
If you don’t have an idea of what you’re willing to buy, it’s hard to start shopping for a home. While you don’t need to have every detail of your dream home figured out, you do need to understand what you’re willing to put your money into.
Maybe you’re not willing to buy an older home because you really don’t want to remodel. Maybe you’d prefer a smaller, more affordable home for now with hopes of upgrading later. There are several options, but you need to understand what type of property you’re looking for before you start the process of searching for a home to purchase.
You Need a Good Realtor
There has been a huge explosion of property dealers and real estate brokers over the past decade. With so many out there, it’s not uncommon to find realtors specializing in specific types of properties or in specific areas. This is very good news for you, but you do need to be careful and make sure your realtor specializes in the properties and locations you’re most interested in.
Location, Location, Location
Before you invest in a new home you want to make sure you love the location. What types of amenities are offered and will you want the home to be in a good school district?
Even if you don’t have children now, most couples stay in their first home for at least ten years. Consider what it will be like to raise children in the home and consider the convenience to shopping, dining, entertainment and other amenities.
What’s your Budget?
Read that question again. It doesn’t ask what you were pre-approved for, but what YOUR budget is. These are two very different things and most young couples won’t want to max out what they are able to get from a mortgage company.
If you both work, base your monthly housing budget on a percentage of the take home pay of the man (in case of pregnancy causing time off from work).
If you keep your housing costs under 40% of the man’s income, you’ll have far less stress if you’re expecting and it will be much easier for the woman to stay home with the baby on maternity leave. It will also make any other interruptions to your income far more tolerable.
As a young couple it can be very exciting when you get to purchase your first property. However, you don’t want to look back and regret your decision. Take the time to discuss the things on this list and meet with a qualified realtor to get all your questions answered before diving in.
If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. 704-650-5707 | AnnaGrangerHomes@gmail.com