Wednesday, October 5, 2011

Tips To Buying Your First Home- 5 Specifically

Despite many Americans' pessimistic attitudes about the economy, household finances and homeownership, 69 percent of the Americans surveyed in Fannie Mae's Monthly National Housing Survey believed that it is still a good time to buy a home.

5 Tips for Finding Your First Home Together, Without Arguing (Found on Lending Tree Blog)
  1. Set your price point together: According to a survey taken on TheNest.com, the budget was the most common topic of home-shoppping arguments. So make sure to spend some time at the very beginning objectively deciding what you can afford. Check your credit scores and pull all your financial records- such as pay stubs and savings accounts statements (you will need all of these when you a pply for a home loan anyways). Once you have all this information at your finger tips, find a home affordability calculator and figure out your price range!
  2. Set your priorities seperately-- then together: Hardly anyone can have everything they want in their first home. One suggestion is to make a list of your top five priorities before you start looking. Maybe you can't live without a walk-in closet (I know I can't), but you could survive without a big backyard. When you've settles on your own must-haves, get together and compare your lists. The items that are on both of your lists are your most important joint priorities and from there you will need to negotiate the rest.
  3. Learn from others: There's so much knowledge to be gained from talking to people who have already purchased homes. Ask you friends and family how they approached the home-buying process and how they settled any differences that arose.
  4. Practice: Just get on the same page as your partner, spend some time going to open houses together before you really delve into the serious house hunting phase. It is like having a dress rehearsal, you can both discover what you want and what you can afford as a couple.
  5. Compromise:  This is something you are going to have to get use to, you're married now. If you havne't already discovered, buying a home is a good time to learn the lesson that you get a lot back long term if you are willing to give a little today.
All in all you have to remember that at the end of the day this is a dream house that you are looking for as a couple, not just as you, the individual. Seems kind of crazy that after planning a wedding, buying a house is the often the next big step or project together as a couple that you have to tackle. Buying a house is a big, long-term financial commitment so just remember these 5 tips as that step becomes apparent in your lives.

1 comment:

  1. These are a few things that every potential home buyer should keep in mind. That information that you've provided were very useful. Thanks for sharing!

    Purchasing or Buying Your First Home

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