Things Young Couples Need To Consider Before Buying a Property

Are you a young couple buying your first property? Then make sure you are not just blinded by emotions but go through the real estate deal with your eyes wide open. Low mortgages, rising rental costs and the ability to deduct loan interests from the income taxes- all make being a homeowner now rather than later seem a better and attractive option. In today’s modern times whether you are a married couple or a live-in couple you should be aware of the steps you have to take before going in for the purchase and also see that both are secure in case of any contingencies.

Things Young Couples Need To Consider Before Buying a Property

Things Young Couples Need To Consider Before Buying a Property

Steps to ascertain before buying a house:

1) Important things on your checklist

  • Hunt out properties as soon as possible.

  • Consider your budget and see the maximum you can afford.

  • Get prequalified and pre-approved for a mortgage.

  • Hire a good estate agent to guide you.

  • Shop around for property and get the house inspected.

  • Choose your loan.

  • Get the house appraised and coordinate all your paper work.

2) Signing the Agreement

One of the important parts of the deal is signing an agreement before buying a property. This step should be handled with care and the involvement of your attorney and agent is imperative. The agreement will be prepared by both the attorneys and then both the buyer and seller will sign the agreement after complying with the terms and conditions of the documents.

3) Buying a house as a couple before marriage

Make sure to follow the following steps to be secure from any financial heartbreak. The interests of both the parties should be secure.

  • Comparing credit scores- Share information about your income, savings and any debts if you have. This will help you determine your affordability quotient.

  • Open a joint account- This account can help you pay your loan, insurance, property taxes and maintenance.

4) Title

You should have an open discussion with your partner as to how the ownership title is to be managed. There are three options-

  • One person can be the sole owner.

  • Both can hold the title as joint tenants.

  • The title can be shared as ‘tenants in common’.

No matter how you hold the title, you and your partner should enter this agreement with a clear picture of each other’s finances and a written contract desire the property’s division in case your relationship ends. So think, analyze and share information and with considering all aspects go in for your property purchase taking into account the security and financial safety of both the parties in case the relationship ends officially or otherwise.

Also Read About……………..Are You a Single Person Home buyer? Here are Some Tips