Buying a home is one of the biggest decisions that you will ever make in life. If you are married, the gravity of this decision weighs even heavier. You want to ensure that both of you are happy and that you are doing the right thing. This involves having open and honest communication with one another. You will want to talk about your dreams and aspirations, and you will want to decide together how owning a home fits into your grand plan. Here are four conversations that you will want to consider having with your spouse before you ever buy a home.
1. How Much Debt Should We Take On?
Taking on debt equates to a certain level of risk. You need to be comfortable with the amount of debt you will be taking on to buy a house. Decide how much you are willing to go in the hole before you ever even begin looking at houses. This will help you to avoid disappointment as you get too far along in the process. You do not want to buy a house and then be unhappy in the end because of the amount of debt you have incurred.
2. What Neighborhood?
Location is critical. You should be happy with the neighborhood you end up in, so make sure that you talk openly about this ahead of time. You will spend many years in this location, so you want to make sure that they are happy ones.
3. Plan for Your Mortgage Budget and Home Loan
You will want to discuss home mortgages. This is how you will pay for the house, so make sure that you plan a budget and decide to stick to it. Talk to a lender and make sure that you have an accurate picture of the fees and interest that go into various types of loans before you start applying. Be realistic about your plans to work or stay home as they may change in a relationship. You don’t want to budget for a double income household to change in a year and be stuck with more mortgage than you can handle. Get on the same page with your partner before contacting a lender.
4. Where Do We Stand Financially?
It is also important to decide where you stand financially as a couple. You might be comfortable with a certain level of debt, but do you really have the income required to make buying a home realistic? Be honest with each other and decide where you stand as you move forward in the process.
These four conversations should help bring both of you closer to a final decision. It is important that both of you are happy with your decision, even if it means that you decide the timing is not right for a purchase. A day will come when you just know it is the right moment to make such an investment. When that day arrives, be ready to embrace it and enjoy the process.
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