For many newly married couples, the idea of buying home together is the next big step. Finding the right home is just the beginning is there are hundreds of little details to work out and a few big ones. Buying a home is not something that should be taken lightly and financial issues are often at the root of some problems when a couple decides to buy a home. Here are four mistakes couples make during the home buying process.
#1. Not communicating.
Even those that have been married for years still struggle and proper communication. You'll need to sit down and talk with your partner about what you both want in a home. Each of you should make a list that includes your needs and your wants and some items that are not necessarily deal breakers. If you're unhappy with something, be sure to speak up. Failure to communicate about your ideas or opinions could lead to major trouble down the road.
#2. Not deciding on a budget.
Buying a home isn't necessarily a romantic move and sometimes the reality of a budget can be a bit overwhelming. The town together and work out a budget before you make any major financial decisions. Look at all of your spending and your income, find out how much you can afford in a down payment, and factor in other expenses such as homeowner association fees, taxes, homeowners insurance, and a little extra in case something breaks.
#3. Not getting organized.
You want to stay organized during the home buying process because this is a large purchase. Keep everything related to the home buying process in one place including phone numbers, referrals, documents, and copies of your identification. Your lender may give you a checklist of things to cross off when completed, but still, hold onto these items.
#4. Not doing enough research.
It can be very easy to get excited about buying a home and jump in all at once but take things slow and do your research before making any major decisions. You want to find the right lender, buyers agent, and feel comfortable with parties involved. You also want to make sure you have your own buyer representation throughout the process so you're not roped into a deal that doesn't have your best interest at heart by using the listing agent of the home you are considering.
For more information on starting the home buying process give us a call. We work with several loan options across the country and can help you find the right home and the mortgage to fit your needs.
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