Thank you to our freelance contributor Cynthia Milo for writing this amazing article for us……
Every year, approximately 118,401 marriages take place in Australia, resulting in a myriad of newlywed couples eager to start their new lives together.
Buying a house is a huge milestone for a newlywed couple.
It is a very exciting time in a couple’s relationship, but because it typically involves parting with a huge amount of money, it can also be rather stressful.
Thankfully, following a few basic guidelines as well as adopting a healthy dose of combined common sense is all you need to make sound choices when buying your dream home.
Start by analysing your financial situation
Before you can actively start searching for a house to buy you need to determine what your budget is.
Sit down together as a couple and take a close look at both your individual and combined financial situations before deciding upon what type of house you can afford.
Calculate all your costs carefully and remember to factor in important things like a deposit, property taxes, and moving fees.
Consider your life goals, as these will have a direct impact on the type of property you buy as well as the mortgage.
If you aim to stay in a house for an extended period of time a fixed-interest, a 30-year mortgage may very well be the most viable solution for you whereas it won’t suffice if you plan to move again in the near future.
Decide on what you want
Indecision will not only prolong the house hunting process significantly but can also lead to pesky squabbles between even the most loving of newlywed couples.
Sit down with your spouse and make a list of everything you are looking for in a house.
You can even divide your list into two sections, listing your needs (such as location and number of rooms) as well as your desires (pool, jacuzzi, etc).
Once you have your priorities listed you will be able to focus your house hunting efforts on exactly what you want instead of wasting precious time and energy blindly perusing countless websites.
Embrace technology
House hunting as we know it has been revolutionised in recent years by technological advances in the real estate industry. N
Not only is it possible to browse countless homes online from the comfort of your couch, but you can also interact with estate agents via chat bots or email.
Couples can even apply for a home loan without setting foot inside a bank.
With most Australians considering themselves ‘tech savvy’, it is not surprising that an increasing number of home buyers are making use of popular apps such as Realestate.com.au and Domain to help them find their dream home.
Buying your first house as a newlywed couple is both exciting as well as somewhat overwhelming.
As long as you work as a team, however, and remember to have some fun along the way your house hunting efforts will soon lead you to the house of your dreams.