Purchasing property as newlyweds
Committing to someone else for the rest of your life is a wonderful thing to look forward to. Finding the perfect partner who makes your heart swell is something everyone should experience in their lives. After the nuptials and celebrations, you and your partner are likely to want to begin looking for a property to spend the rest of your days together, somewhere perfect for creating memories, raising a family and growing old together.
Before you throw yourselves into the property market like a bouquet, there are some things to take into consideration. Here are some tips to take to heart when considering moving into the real estate market in your local area.
Are you financially ready?
Don't forget that you just threw a wedding celebration and could be feeling the financial strain of repayment and debt left over from your special day. There's no shame in taking your time, staying in your current accommodation settings and working together to create a financial nest egg that can then go towards a deposit on your first home loan and property together.
In fact, this could be a better option to pursue in the long run. With a potentially dual income, you and your partner will be able to cut the amount of time you'll be saving in half, ensuring you can purchase the perfect home for you to start your lives together in a strong financial standing, without having to worry about crippling debt and bad omens from the get go.
Having other debts like student loans can also make purchasing property straight away a difficult endeavour. Having two regular expenses that you need to take care of can take a toll on your finances and your sanity.
Don't forget to consult, consult, consult
One major thing that many newlyweds often take a while to get used to is the idea of making joint decisions. Sure, beforehand you would both decide on where to go for dinner or what movie to see. But now that you're a couple making investments, it's important to sit down and discuss what both of you want from a home, things you're willing to compromise and other small details that could snowball into problems further down the track.
Remember that a property is a huge investment in your future. Making sure you're absolutely cool, calm and open about your desires or reservations will help streamline the decision and ensure you achieve the property you both want.
Think towards the future
Purchasing a small studio loft could be a wonderful idea for aspiring young professionals, artisans and self-styled bohemians, but think further down the track about when you could potentially consider having and raising a family. The practicality of children in a small, confined space might not be the best environment for their formative years.
Furthermore, consider the amenities in the local area of whatever property you purchase. Having a number of schools within walking or bus distance is a great example of future-proofing your property for your children. Ensuring that they can easily access education and recreational areas, such as parks and sporting facilities, could be something to consider for newlyweds looking into the property market.
Speak with your real estate agent
Gaining insight into the local community from your real estate agent can be a great way to get a feeling for the region. Asking about the types of people who live in the area can aid your decision-making process, giving you context for your decision.
For example, if the area is popular with young families, it could make sense to move into a region with people at a similar stage in life to help you out, creating a sense of neighbourhood in the future.
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