What Newlyweds Need to Know About Buying Their First Home Together

Getting married is an exciting time, and a lot will go into starting your new life together. For many, this includes buying your first home. Unfortunately, many newlyweds aren’t prepared for what this process entails, and they can be left feeling frustrated instead of happy. Here are some things newlyweds need to know about buying their first home together.

It May Take Longer Than You Think

Many newlyweds just aren’t prepared for how long it may take for them to find, buy, and close on a home. It’s not uncommon to find the perfect property, put a bid in and then be outbid by another buyer. Because of this, it can take weeks or even months to have an offer accepted on a home. Newlyweds need to have a plan as to where they will live if they aren’t able to close on their new home before their wedding day.

New Homes Are a Great Option

Newlyweds often just assume that they should choose an older home as they probably won't be able to afford a new one. However, new homes require less maintenance, and owning one can be pretty cost effective. This is why it's a smart choice to look at new homes as well as older ones to have a clearer picture of what options are available.

You Will Probably Need to Compromise

There’s a lot of compromise that comes with marriage, and this is especially true when buying your first home. Both individuals will have different opinions and tastes, and you most likely won’t be able to get everything that you want. This is why it’s imperative that you both figure out which items are a must have for each of you, and then determine what items you can live without.

There Are a Lot of Expenses That Crop Up

A lot of newlyweds don’t realize that there are quite a few different expenses that go into buying their first home besides just the down payment. You will also need to pay for things like an appraisal, inspection, and closing costs. If you aren’t sure how much these items will cost, you can talk to your real estate agent to get a rough idea as to how much money you will need.

There are a lot of things that go into buying your first home as newlywed besides just finding the perfect house. By keeping all of the things mentioned above in mind, you and your partner will be better prepared when it comes time to buy your first home together.