One of the most exciting things a newly married couple can do together is to find and purchase a home together. It is without a doubt a significant moment in life, and it’s also a step forward that needs to be taken seriously since this it is also one of the biggest investment a couple has to make.
Typically, it’s fairly easy to get caught up in the excitement, but you need to hold your horses and consider all your options. Both you and your spouse should make an effort to research comprehensively before purchasing your first house. This will save yourselves from bad consequences in the future. Here are some considerations when buying home as a couple:
Research is your best friend. Research as much as you can. The location and its environment are a vital component of first time home buying.
Buying a home isn’t the same as getting your first car, realize early on that the buying decision you are making today will have a long term significance. After committing yourselves to a house, you both will be locked for many years. Breaking the contract could result in penalties and financial losses, so it’s a good idea to understand renovation costs, tenure terms, mortgage loans, minimum occupation period, common household repair issues and others.
Your financial capability. Do an honest assessment of yourselves and find out what both of you can afford comfortably. Don’t be afraid of harsh questions, think of the worst case scenarios and do some reality checking. Evaluate your future goals and plans, so that both of you can determine a realistic financial report to meet mortgage payments for the upcoming years.
Housing loans and interest rates. Any loan you take up will have you liable for repayments with interest. When you buy your property, depending on your eligibility and whether it is a HDB private or flat property, you’ll likely get a mortgage loan from the bank to fund your home purchase.
Possible Fluctuations. Interest rates can fluctuate wildly, so it’s a good idea to buy when they are low. Consider the house and land packaged in Epping Vic when looking for your first abode as a couple. Interest rates are subject to change any time and is quite unpredictable. Don’t get off-guard and always prepare yourself for interest changes in your loan repayments.
Take account of possible rising of interest rates, your personal employment situation, the financial and government policies, as well as the overall property market trend. Find a good home loan package from the get go. Find out if you can get to refinance the mortgage later, after the lock-in period expires.
That’s it. When buying a new home, the first time as a couple, it pays to take time to do a lot of research. With good planning, both of you can avoid over-stretching yourselves mentally and financially. Talk with each other about your short-term and long-term plans, and look at all the available options. When you’re ready, it’s time to sign the papers and continue your life as a happily married couple.