Like many people, buying your first home may be a joint effort and decision with your spouse shortly before or after your wedding. While it's a super exciting time in a young couple's life, neither of you needs to charge in head-first without doing your research and following some tips.
In the midst of your wedding preparations, it's also a good idea to slow down, take your time, and do your research before jumping into buying your first home. Below, you'll find some concrete tips to get you started in the right direction.
Spruce Up Your Credit
Many credit sites will tell you that the credit score needed to get a loan is actually pretty low (in the high 500-to-600 range). However, if you want to get a nicer home, you'll need a higher score. You and your partner should start working on both of your credit scores right away. It can take months to get to the score you need to get a great deal on the home you want. You can improve your credit score by doing the following:
- Making payments on time
- Lowering your debt utilization ratio
- Checking your credit report regularly to ensure there's nothing on your credit that you didn't put there
If you find that there are things on your credit report that you didn't put there or you're having problems with debt collectors, you're going to need to take care of that before you apply for a loan to buy a home. The attorneys at Legal Rights Advocates will happily advise you and help get debt collectors off your back. You're going to have to take care of all your debt, however, so that your credit score will be high enough for approval of a loan.
Check Out Pre-Approval Options
Very few newly married couples know the importance of getting pre-approval for their new homes. Pre-approval lets you know how much you're going to need to come up with to settle into the home you want, rather than just settling for any home. Also, most sellers are only willing to negotiate with people who are serious about purchasing their homes. If you've gone through the trouble of getting a pre-approval, the seller will know you're serious.
Set And Discuss Your Budget Ahead Of Time
Before you do anything else, you need to sit down with your soon-to-be-significant-other and discuss your budget. From the down payment on the house to the closing costs, quite a bit of money goes into buying your first home. While you're setting the budget, remember to account for the stuff you'll need inside your home as well. Not many newly married couples have houses full of furniture.
In addition to furniture, you're going to want appliances for the kitchen and other things that make a house a home. You can set your budget to include these things, then shop around for the best buys. For example, if you're looking for rugs for the living room, instead of spending tons of money, check out Chesserfeld faux fur rugs, instead. You'll get the same luxury, but at a much more affordable price.
Create A List Of Wants And Needs
You're going to want to live in your home for many years to come, so it's important that you have everything you need. Sit down and discuss your needs and wants. You may want six bedrooms, but you may only need three. Keep in mind that you can start out with three and possibly build on later.
Don't Rush Buying Your New House
You need to remember that this is a home that you're going to want to live in for quite some time, so do your research, don't rush, and never settle for what isn't perfect for you.
These are just a few tips to help you find the perfect home as a newlywed. Remember, take your time, and the rest will follow.
