Today's guest post comes to us from Matthew Coates with West USA Realty Revelation.
So you're getting married? Congratulations! What an exciting time in your life that will be. Love is in the air and you have made the decision to spend the rest of your life with that special someone. They say people spend more time planning the wedding than the marriage itself. Of course these are both important. In today's post I want to address the after-wedding/marriage side and another life decision you may be contemplating. Hopefully my "5 Tips for Buying a Home After You Get Married" will help you think through the process a little better.
So you're getting married? Congratulations! What an exciting time in your life that will be. Love is in the air and you have made the decision to spend the rest of your life with that special someone. They say people spend more time planning the wedding than the marriage itself. Of course these are both important. In today's post I want to address the after-wedding/marriage side and another life decision you may be contemplating. Hopefully my "5 Tips for Buying a Home After You Get Married" will help you think through the process a little better.
Buying a home can be just as, if not more, stressful than
planning your wedding. Taking on these 2 gigantic events within a 12-24 months
of each other is certainly no small feat and requires a specific game plan. In
working with many first-time homebuyers, especially newlyweds, I have found 5
tips that help them minimize the aggravation of trying to buy a home shortly
after their wedding date.
1. Don't feel obligated to use your parents' Realtor
Parents place alot of pressure on us, don't they? After all,
they brought us into this world and have given us a good degree of life wisdom.
However, their long-time friend of 30 years who is a real estate agent might
not be the best choice for you.
Why?
Just because your parents knows them doesn't make them qualified or make them open to treating you as a separate entity. You have to have a good "vibe" with your agent, whether it's your mom's best friend or someone you met through visiting an open house.
Just because your parents knows them doesn't make them qualified or make them open to treating you as a separate entity. You have to have a good "vibe" with your agent, whether it's your mom's best friend or someone you met through visiting an open house.
2. Prioritize your must-have features in a home
Many would-be buyers enter the market place with unrealistic
expectations of what is available. It isn't likely that your first home
purchase will have all the nicest things money can buy. That's why they call
them "starter homes" or "entry-level homes". Just like you
probably won't be at an entry-level job your entire life (let's hope). If you
want a fireplace but the home doesn't have one, yet meets all your other needs,
you may want to move forward.
Requiring granite countertops, cultured marble, travertine flooring, and 2-tone paint may not be doable on your budget. It may be better to make those preferences and not requirements, thus helping you avoid major disappointment. A feature that may be required would be something like a 3-bedroom home. That is the most popular choice for first-time buyers, the concept being one bedroom for you and your sweetie, one to be used as a den/office (computer always seems to get its own room these days), and one for a future child.
3.Don't spend all your money on getting into the home
Make sure you budget exactly what it's going to take to acquire
the home, and don't spend all your cash reserves. It's that simple!
Homebuyers often overlook potential repairs that the home will
need (especially as revealed during their home inspection). And then remember
you have got closing costs, an appraisal, and a home inspection.
What if something comes up after you buy the home? Oh, and
remember the home needs appliances. Things like this are what cause people to
rack up credit card debt shortly after the purchase is made.
4. Think about how long you're going to live there
The average amount of time people live in a home is about 5 - 7
years. But this of course varies. What are your plans for the future? If you
are going to have babies right away, maybe the 2-bedroom home isn't the
smartest idea.
Are you working full-time and in school, hoping to move
out-of-state for your first job? You might ditch the idea of a house and opt
for a condo or townhome, which typically cost less and without the maintenance
(but don't forget those higher HOA fees!).
Although some people end up renting out their home if they move,
most don't prefer this. They would just as soon sever their attachment to the
home and sell it outright (unless the home has lost tremendous value of course)
5. Listen to your Realtor
Yes, you're the boss, but your agent has wisdom because they are
in the trenches every day and can give you incredible advice, covering
everything to how much to offer, to a list of viable home inspectors to use.
They eat, sleep, and live the market you're in, even if your uncle was a real
estate investor 2 years ago, his knowledge, which helpful, is already outdated.
Your Realtor should be able to show you where the market is now,
where it's heading, and that what research you have done on your own is still
valuable, and that it's not necessarily the only answer.
Thank you for taking the time to read my tips for buying a home
after you get married. As a newlywed you'll have many decisions to make
together. Make sure you start off this one on the right foot! Contact me here or
call 602.332.3321 if you have additional questions about buying a home.
Matthew Coates of West USA Realty Revelation has been helping
first-time homebuyers in the Phoenix-metro area for over 5 years and served in
excess of 100 happy clients. Having bought and sold houses, both for
personal and investor use, he is able to see guiding clients through many
viewpoints. He currently lives in Chandler with his wife of 14 years and 2 sons.
