Buying a property, especially for newly-weds, is one of the greatest milestones a couple can reach. However, there are still plenty of challenges you could encounter, especially if it is your first time to get a house on your own.
Other than finding the right location, are there any other things that a newly-wed couple have to worry about? Quenda Hammond Park shares some advice.
1. Check your current financial situation
Even before you both try to find a property, it is always best to look at both of your finances. Sit down as a couple and make an assessment of both your individual and joint financial capacities and come up with a budget. Doing so will also help you determine which type of house will fit this budget.
2. Be smart with your goals
You should learn how to set both your expectations so you can set up more realistic goals. You should also have an idea of the things that you want as a couple and as individuals. Always remember to have enough cash saved to cover at least 20 per cent of the property’s total selling price for a deposit.
3. Know your long-term plans as a couple
It is best to ask one another if you are planning to raise kids any time soon. Although any discussions about this might seem too early, discussing it now will help you plan your finances in the future. It will also tell you how much you can afford for a home.
Choosing the right home to start a family is important, especially if you are only newly-weds. You might want to do your research further to know more about the properties you are eyeing and if they fit your plans for your family.