Getting married and buying a house is a popular dream shared by many young adults. In fact, some couples may start making home buying plans before they actually exchange vows and get married. Buying a house as a married couple can sound exciting at first glance, but it also can be a stressful experience for the couple. After all, you may be taking on the huge debt of your first home loan, trying to combine your personal needs and senses of style together and more. These tips can help you to more easily walk through the process of selecting and buying your first home together.
Choosing a Home That Is Affordable for Your Budget
Finances are a hot topic for many young couples, and you understandably feel passionately about your budget and how you manage funds. It is no surprise to learn that money is one of the most common things married people argue about. With this in mind, you should use a first home loan repayments calculator to estimate your payments and to ensure that the loan you plan to apply for is affordable for your budget. When getting a first home loan, you also need to think about other related expenses that you may incur as a homeowner. For example, taxes, insurance and repair and maintenance costs need to be added to your budget. You can reduce your financial stress and anxiety for years to come when you set up a home loan payment that is affordable for your budget and that does not cause you live beyond your means.
Blending the Needs and Styles of the Couple
After you have reviewed your finances and have determined the right loan amount to apply for, you need to start looking for a home that will meet your needs. In addition to blending finances and balancing a budget, some young couples argue over the features they need in a home and the style of the home. For example, you may prefer a more classic style while your husband may want a contemporary or modern look. This is a home where you both will live for many years. It may be the place where you start your family, and it requires both of your time and attention to maintain it well over time. With this in mind, the ideal home to purchase will perfectly meet all of your needs, and it will blend your styles beautifully. However, in some cases, couples may need to make compromises to ensure that the needs and desires of both are equally met.
Thinking About the Future
The process of getting married and buying a house requires you to think about the future. Some Australian couples will sell a home after a few years, and they will upgrade or downsize at that time. However, many choose to remain in their home for a decade or longer. This may be the home where you bring one, two or more children home from the hospital to. It may be where many of your family’s memories are made. You need it to be affordable now, but it also should be spacious enough for a growing family if you intend to have children. The quality of schools, proximity to healthcare and other factors may be a concern when you think about buying a home with children in mind.
Understanding What May Happen in a Worst-Case Scenario
Nobody wants to think about a worst-case scenario of divorce. However, one-third of all Australian marriages end in divorce. With this in mind, you should learn if a married couple split who gets the house. This is not an easy question to answer, and a wide range of factors will be reviewed to make this determination. Typically, all assets are divided equally, but if you came into the marriage with more assets, you can generally expect to leave with more. In some cases, the house may be awarded to one person. In other cases, it may need to be sold. If you have a loan on the home, it may be easier to sell the home in the case of a divorce.
While marriage is not something to take lightly, buying a house together can seem like an even greater commitment in some cases. After all, this is a huge asset, and it usually involves applying for a very large loan together. Buying your first house can be stressful, but it also can be a bonding experience that brings you closer together as a couple and that sets the stage for a happy life together.