Buying a home is more than just a huge purchase. It’s an investment that demands careful attention and awareness of where you want to be in the next few years. It’s no longer an apartment that you can drop your stuff and move out in a couple week’s notice. And when you’re buying a home with a loved one, there are even more issues to consider before buying. If you’ve talked about marriage and moving in to a new home together, it’s wise to evaluate not only your finances, but what you’re planning for the future. It’s often difficult to manage the costs of a elaborate wedding and new home (if you haven’t planned accordingly). So, here are some questions that you might want to ask yourself and your loved one before buying a home:
- What sort of spending budget will you have as a married couple?
- Would you rather have your money invested in a more expensive home or have a less pricey home to have extra money for travel, shopping, date night, etc…?
- Where do you want to be in 5 years?
- Is this a starter home or would you rather stay there until the kids are grown?
- Will you have kids?
- Do you need a lot of space or will it just be the 2 of you?
Investing in a New Home
Investing a house before marriage means determining what your newlywed budget looks like and how long you’ll stay in that home. Purchasing a home isn’t permanent, but wedding plans are sometimes overwhelming enough without throwing in a large financial investment. My best advice is to hire a Realtor, get organized, and make a plan. To see what homes are on the market now, search our current listings: