Best Tips For Newlyweds Looking For Their First Property

• by admin
• June 26, 2024
• Home Buying Tips

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Before we end the month of June, let’s talk about getting married and finding your first home.

Getting married is an exciting milestone, but what’s even more exciting is getting your first home and starting your life together. 

Getting your first home is also the biggest financial decision you’ll ever make as a married couple. And purchasing a property can be both exciting, thrilling, but also challenging. 

As your trusted licensed real estate broker in the Philippines, I would like to help you find your dream home. So here are the most important things that you need to know when buying your first property as a married couple. 

 

Tip #1. Establish a Realistic Budget

One of the first things that you need to prioritize when buying your first property is knowing your budget, and be realistic about it. We all want a big house with enough space for our starting and growing family. But the bigger the house, the more expensive it is. So learn to establish a realistic budget for your dream house. 

To do this, you need to combine your incomes, savings, and consider any debts. Calculate how much you can afford. And make sure to include property taxes, insurance, and home maintenance in your budget allocation. 

Setting a realistic budget can also help you narrow down your search, and prevent financial strain down the line. 

Many couples fail to acquire their dream home because they fail to establish and allocate budget for the property. That is why it is important to know how much you can afford and stick to it.  

 

Tip #2. Prioritize Your Needs and Wants

It is easy to get overwhelmed when it comes to buying your first home. You might want to have a big lawn, 2-storey, a spacious living room, 3 to 4 bedrooms, among others. But this can increase the price of the property.

Thus, when buying your first property, know your needs and wants. Do you want a property that is near your workplace or school? Do you want 3 rooms for when you have kids? How about a big backyard? 

List all the things that you need in your house to make sure that you will be living comfortably and within your means.

 

Tip #3. Know How Much Money You Can Loan

It is important to know how much the bank will lend you to afford a property. This way you will know how much you need to pay for the downpayment and equity, as well as your monthly mortgage. Knowing how much money they can lend you can help you budget property and avoid financial strain in the future. 

 

Tip #4. Research Neighborhoods

Another thing that you need to know when buying your property is the neighborhood. Does it fit your lifestyle and budget? Is the neighborhood good for having kids? 

Consider factors like commute times, safety, amenities, and future development plans. Spend time in these areas to get a feel for the community and see if it aligns with your vision for your future.

 

Tip #5. Hire a Reputable Real Estate Agent

A knowledgeable real estate agent can be an invaluable asset. We can provide insights into market trends, help you find properties that meet your criteria, and make the whole buying journey hassle-free. Thus, look for an agent with experience in the areas you’re interested in and positive reviews from past clients

 

Tip #6. Think Long-Term

When choosing your first home, think about the future. Consider whether the property can accommodate changes like a growing family or a new job. Evaluate the resale value and how easy it would be to sell the house if you needed to move. Investing in a home that can grow with you can save you from the hassle of moving again too soon.

 

Tip #7. Stay Within Your Means

It’s easy to get carried away with the excitement of buying a new home, but it’s essential to stay within your financial means. Avoid stretching your budget to buy your dream home if it puts you in a difficult financial position. Remember, you can always upgrade later as your financial situation improves.

 

Tip #8. Plan for Additional Costs

Buying a home comes with additional costs beyond the purchase price. There is home improvement, renovations, tax, homeowners fee, insurance, among others. So make sure to allocate enough budget for additional costs. 

 

Purchasing your first property as newlyweds is a significant step that requires careful planning and consideration. By following these tips, you can make informed decisions and find a home that meets your needs and sets a solid foundation for your future together. 

If you need help in finding the perfect home for your starting family, we can help. We have property listings in Pampanga, Olonggapo, Bataan, and Subic that are strategically located in business areas, schools, hospitals, recreational areas, and more. Our properties are also located in a family friendly and safe community.

Simply contact us for a free site tripping and housing consultation at 0918-963-6760 or email us at mitchprin@gmail.com. 

Follow us on Facebook for more discounts and promotions www.facebook.com/mitchprin 

Happy house hunting!