You’ve met the person of your dreams, rented a little home together and realized you could live with each other’s quirks. Maybe you have just got married and found out you are having a baby? Whatever the circumstance when it comes to buying your first home there are some important things you need to consider.
Buying is a pretty serious commitment, especially if you are buying a home together. You need to think through the options you have. While most couples opt to get a joint mortgage using a combined earning power to get a bigger home, there are some who create an agreement, meaning the house belongs to them both. However, the mortgage is in one person’s name. Freeing the other to use any first-time buyers incentives for the next move. Of course, this rather depends on why and what you are buying. If you are looking for a flat for just the two of you, this could be an ideal option. If you are looking for a family home which you will live in as your children grow, then you will need to maximize the amount of space you can have.
Another big consideration is if you will buy new or go with an older style home with character. While it can be exciting to move into a home which needs working on, meaning you can put your stamp on it, you might find you are biting off more than you can chew, especially if you have young children on the way! Although we have a lot more energy and plenty of optimism when we are young, it may be a better option to leave the character home for when your children have grown up. Perhaps creating your forever home.
A new home is an excellent idea for first-time buyers as you have the protection from most home builders of a warranty. Everything is there for you too, built in and ready to go. You know exactly what you are getting when it comes to the house and land which makes life a lot easier on a new family. If you are buying a property which is being built, you can even choose your own styling, from the colors of the walls, carpets, and kitchen flooring. It gives you far more freedom to create that space you really want.
Other things to consider when buying a home together is the legal side. While you are happy now and life is looking good, unexpected turns can come out of the woodwork. You will need to draw up a will and think about your plans for the future, most mortgage lenders will insist you have a life insurance policy, so it is worth getting all your ducks in the row. Worth agreeing too, especially if you aren’t married, who would take on the house if one of you decided to leave.
Not nice things to imagine but very wise to square it away now. Then, get excited! Your first home is one of the best purchases you will ever make!