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Buying real estate is one of the most stressful experiences as well as being the single item with the highest price tag most of us will ever purchase. Compound this with a couple buying their first home together and you have a potential recipe for disaster.
The excitement of setting up a home together may be surpassed by the realization that a big financial and emotional commitment is imminent. So what are some key signs that buying a house together is right for you?
You have some savings:
This shows commitment to a long-term goal. However, you’ll need more savings than just a house deposit. Buying a home also includes legal and conveyance costs, moving expenses, rates, utilities, repairs, and potentially buying furniture.
You both like your work:
When you have a mortgage to pay, job stability is paramount. A regular income will help you to budget. If you or your partner is looking to make a major career change, it might be better to wait until you purchase a home together.
You want to settle down:
Do you want to stay in one place for an extended period? Think about whether you are prepared to own your home for five to seven years to give yourselves the best foundation.
You have the same idea about a home:
Consider the ideal home that you both want. If one wants a fixer-upper house and the other wants a modern apartment then communication and compromise are going to be very important. Discuss the type of home you each want and develop a list of must-have’s and deal breakers. Be realistic.
You agree on the location:
Do you need to be close to family, work, schools or other non-negotiables? Do you both agree on the type of location in which you’d buy a home? Look at locations you both like, that suit your budget and are in a geographic location that suits your work, hobbies or other needs.
It’s about being together:
When you are thinking of buying your first home together you need to work as a team. Support each other through the search process, working with real estate agents, the auction and negotiations. It’s stressful, so shared values, goals, budget and good communication will have you well on the way to enjoying your new home, together.
For more real estate tips, check out other features on the Amkar Real Estate blog.