If you and your partner are ready to move past scrolling through homes on your phone to scheduling showings, there are some essential steps to take as a couple before you take your digital searching into real-life tours. From financial discussions to housing must-haves, there are many factors to discuss before you invest in a house. If you and your partner are buying a house together for the first time, read on for what you need to know to help make it a smooth and fun process.
Have a Financial Conversation
This is the time for an open and honest conversation about each other’s finances. Points to discuss include:
- Credit score
- Monthly income
- Debts
- Any other financial history
Determine Budget
Once you’ve discussed your separate and joint financial situations, determine how much you’re comfortable spending. Remember, just because you can afford a specific price point doesn’t mean you need to buy a house at that number. Ensuring you’re equally comfortable with the budget range is key to any discomfort or long-term resentment.
Get Pre-Approved for a Mortgage
Getting pre-approved for a mortgage will confirm how much you qualify to borrow and show sellers you’re a serious buyer. When you begin getting pre-qualified, comparing rates from a few different lenders is wise.
Discuss Housing Preferences
Both you and your partner likely have a list of home features that are the same — and some that may be different. You need to decide what is most important to you as a couple, considering location, square footage, number of bedrooms, bathrooms and floor plan, if you want to take on a renovation project or prefer a move-in ready home. It’s helpful for each to create a list and then compare and prioritize the most essential features.
Be Ready to Compromise
Being able to compromise will be essential to having a smooth and fun homebuying process. Take the time to learn why your partner may like or dislike different features and characteristics to help understand their thought process.
Having a Long-Term Vision
As you embark on the homebuying process, remember your future goals during your search. Considering life changes such as children or any potential major career changes are two significant changes that could impact the type of home you’re buying together.
Hire a Real Estate Agent You’re Both Comfortable With
Working with an experienced real estate agent who’s a local expert can help make the home search process smooth, easy and fun. Especially if you’re looking to buy in an unfamiliar area, relying on your real estate agent’s local expertise and industry knowledge is an invaluable asset to your home search.
Buying a home with your partner for the first time is an exciting step to take together towards your future. Approaching the process of being comfortable with each other’s finances and housing preferences and being willing to communicate and compromise are critical to a successful homebuying journey.
