HOUSE BUYING TIPS FOR NEWLYWEDS!
Congratulations on your wedding! It’s only the start of a long and exciting journey ahead of you. Believe us, we know what we’re talking about. Getting used to one another’s constant presence, quirks, sleeping behaviours—that’s just some of the things you’ll need to get used to. But aside from that, it’s the start of you living together and building a family. If you’re looking for a newlywed nest and need some guidance, you’re in the right place:
Sit down and talk about your plans.
‘How many children do you want?’ ‘Do you plan to stay in this area for a long time?’ ‘Is this neighbourhood right for raising a family?’ are some questions that might crop up. Planning for the future is an important thing you need to do before even considering owning a home. Because even though you might have your sights set on a particular type of property now, your needs might call for another as your family grows.
You might need additional space, need more proximity to some amenities, be closer to relatives, and such. Without taking these into consideration, you might find yourselves needing to move out soon after and needing a new property. Moving can be stressful and expensive if you’re not ready for it.
Plan out how you will share costs.
Lay down the rules on how you will split expenses. From stamp duty, agent fees, mortgage application fees to maintenance, you need to have budget allocated for those.
To understand your finances, consult an accountant. You should ask for advice on how you two can manage the costs.
You can set up a joint bank account for your property and mortgage expenses where you deposit a certain amount into it each week.
Find out how much you can borrow.
This will determine what kind of home you can purchase and are able to pay off. To start, you can use the borrowing calculator on our website—simply enter your details, such as income and expenses. Then, consult a lending expert about your lending capacity to get a more accurate estimate.
Shop around for the right home loan for you.
Research is essential in this venture. Come up with a strategy—what type of loan, what features, how you will pay for it. Look around for the right type of loans with features that will fit your financial situation. For example, you might want a loan that allows you to make unlimited extra repayments or a portable loan. Explore every option and weigh up their pros and cons before choosing.
Consider taking out life insurance before buying a property. This will help you in case anything happens to you or your partner and you’re unable to pay your mortgage.
Plan for the worst.
It’s wise to plan them out so that you’ll know what to do in case something happens. Even though it’s unpleasant to think about, some of them may be unavoidable, such as:
- One of you acquires a serious disability or illness
- Breakdown of your relationship
- One of you passes away
- Forced to sell your property at a loss
Finding your dream home.
Before anything else, here are some questions you and your partner need to ask yourselves:
- Do you want an apartment or house?
- Do you want to rent or buy?
- In what condition do you want your property? Are you looking for something to renovate, or something new?
- Will the property you want suit the family you’re going to raise?
- How close do you want your property to amenities such as transport, shops, schools, and the like?
- What neighbourhood do you want to be in? Somewhere bustling, or somewhere quiet?
If you have a picture of the home you want, you can either: find a home on your own, or enlist an agent. If you’re a first-timer, the best route is to go to an agent so that they can help you. Go to open houses and look out for a home that you fall in love with.
Sharing a home with the one you love is the best feeling—somewhere you can start your happily ever after. Best wishes and best of luck in your home-hunting! If you need some more help, you can always reach out to us—married couples can understand one another the best after all.
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