Think Location
The best investment one can make is picking the most modestly priced home in a prime location. You want communities that have easy access to jobs, great schools, and a somewhat thriving economy. But you also want to consider your own personal situation. Do you want to live near your family? Do you want to live close to the job you already have? Do you prefer the suburbs to the city? These are things the two of you must discuss and decide for yourselves. Every couple is different.
Once you have determined where you’d like to look for a home, you should do an Internet search to get an idea of what the houses in that area usually go for. You might also want to find out how much homeowners there usually pay in taxes. If you have to pay high property taxes in addition to your mortgage, you might find that you can not truly afford a home in that area.
Set a Budget
Now that you’re sure you can afford a home and where you can afford it, you have to decide exactly how much money you are willing to spend. Do the math to determine how much you could actually pay for a down payment and how much you’ll then have to pay for your mortgage on a monthly basis. Talk to a banker or mortgage lender or use a mortgage calculator online to determine how much you can swing. Then, look for homes in that price range. The worst thing you can do is start looking at mansions only to find that you can only afford a small, two-bedroom home. Having a set budget helps you be realistic, live within your means, and keep your expectations – and those of your spouse – in check. It will also help you in the long run, so you do not take on a financial burden that you can’t handle.
Do Research
Deciding where you’d like to live is only the tip of the iceberg. Once you’ve determined that, you have to dig deeper to find out which towns in that area offer more economical homes, which have better schools (if you are planning on children, this is especially important), what kinds of mass transit do they offer, how much are property taxes, what style of homes are available there, etc. Start with the Internet, talk to real estate agents you trust, and talk to people who live there. The process is long, but you want to make sure you end up with the right home for you. This is a huge investment, and you don’t want to regret your decision later.
Start visiting homes and talking about the style that suits you as a couple. Do you prefer a Victorian house with a wrap around porch or a modern ranch-style home? Do you want one floor or three? How many bedrooms do you need? Determine your priorities. Some couples insist on having a backyard with at least two bathrooms, whereas others want big closets and at least one additional bedroom for guests.
Check in with One Another
As you get involved in the search for your perfect first home, don’t forget to check in with one another. If something is bothering you or you’ve changed your mind about something, you must tell your spouse. Every once in a while, ask each other if everything is ok and if you’re happy about the search and what you’re finding.
You want to be flexible as you search for a home. Maybe the bathrooms in the house are not quite as big as you hoped, but the big backyard and four bedrooms make up for it. But flexibility does not mean settling. If there is only one bathroom and you wanted two and there’s no backyard and the house is on a busy, noisy street, you might want to keep looking. The important thing is to communicate with one another, keep open minds, and be honest about your thoughts. Couples who check in with one another find that their houses turn into dream homes simply because they’re cozily and happily living with one another.
