Talk Honestly
The first step to having a successful marriage is speaking openly and honestly with your spouse, especially when it comes to major decisions that will affect both of you. Are you scared that you don’t have enough money for a house? Are you lacking job security and worry the mortgage payments will be difficult if you lose your job? Do you want a fixer upper or a brand new home that requires little work once you’re moved in? All of these questions will come up, and you should know how you’d answer them.
You should also be able to express your responses out loud to your partner without fear of argument or judgment. However, you still might disagree. That’s okay. You won’t always share the same opinion. You just have to talk through your disagreements and come to a compromise. For instance, if you want a fixer upper because you like working on renovations but your spouse would prefer a brand new home, consider looking at mid-century homes that might need some work but aren’t necessarily falling apart.
Assess Your Finances
Purchasing a home, as opposed to paying rent, is always a great investment. Still, affording a down payment and taking on a mortgage require at least a small nest egg. Depending on the home you buy, you might need to renovate and furnish it with furniture you don’t already have. Consider your savings. Can you work with these numbers or should you keep saving and put off buying a house another few months or years?
Consider your credit score, which will affect the likelihood of getting approved for a mortgage and at a good rate. If you’re drowning in credit card debt, you might want to reconsider buying a home. Maybe you are still paying off student loans and that will prevent you from easily affording mortgage payments. You must consider how the two of you will be able to live – and whether that works for you – if you make this major purchase. A financial burden that you can’t easily afford will put tremendous stress on you personally and on your marriage. That is something you should always try to avoid because your house will not be a home if one of you ends up leaving it for good.
