From Newlyweds to New Homeowners: Tips on Saving for Your First Home

Purchasing a home is one of the most exciting milestones a couple shares, no matter how long it’s been since they said ‘I do’. Becoming a homeowner comes with a host of benefits, including building equity, the freedom to personalize your space and a sense of stability. Preparing for the purchase process will help to ease any strain on your new relationship. Here are some helpful suggestions for saving for your first home while maintaining your newlywed bliss.

Strategies for Saving for Your First Home

Do the Math

It’s important to take stock of your current financial situation and determine, either together or with a financial advisor, what house prices are realistically within your budget. Take into account the current job you have, as well as any other major financial decisions you might be making in the next few years. Buying a house should fit nicely with the goals and plans you as a couple have in mind.

Curb Spending

Compile a list of all your expenses and commit to cutting unnecessary spending. Depending on how long you’ve lived as a single person, you may each have individual bills that can be combined or cut altogether. Do you have previous loans, personal, vehicle or college? If buying a home is in your future, you both will need to work together and make temporary sacrifices to save enough money for your down payment.

Enlist a Realtor

Many individuals buy a home while single and have to decide on where they will live going forward as a couple after the wedding. Will you sell one or both properties in order to afford something larger to accommodate a growing family? If so, you’ll definitely want to talk to a real estate agent or brokerage firm to determine what price you can get on your home or apartment and what, if any down payment will be necessary when you close on the new property.

Considerations Before Purchasing

It can be overwhelming for a newly married couple to adjust and establish a new lifestyle together, especially when determining where to live. The best course of action is to get as much information as you can on how the home-buying process works. Learn about the home-buying process from start to finish.

Find out what kind of loans you qualify for, especially if you are a first-time home buyer. The real estate market can be a confusing place, less so when you learn the ins and outs of reputable lenders and connect with real estate agents. Lean on your friends and family for recommendations on good realtors that helped them with their own home-buying process.

Avoid Common Mistakes

As you save up for your first home, you’ll also need to make sure you understand and avoid all the mistakes people often make while in the home-buying process. Make your payments on time and keep credit card usage in check. Be aware of possible red flags for lenders and avoid them as much as possible for a smooth closing day.

Wishing you all the best!

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