Every year, there are millions of couples who get married around the world. As a sign of love, trust, and fidelity, couples get married to celebrate their everlasting commitment to live a life with each other. Some people consider it a step forward into adulthood. In contrast, some consider marriage as nothing different from being in a monogamous relationship with someone.
According to the American Psychological Association, at least 50 percent of marriages end up in divorce, unfortunately. However, it takes a lot of commitment, courage, and love to make that leap forward. To live your life with someone for the rest of your life might seem like a crazy idea. However, the feeling that you are loved and the companionship within a relationship can never be replaced.
One of the most significant steps newly-wed couples make is purchasing their very first home. It may be a very daunting idea, but it is only normal that couples find a place where they can nest and rest. Some studies had noted that 24% of millennials purchase their home with their loved one even before they got married. As many as four in five claimed that the purchase of the home strengthened their relationship with their spouse.
It can be said that the big purchase of real estate can be a defining moment of a relationship. It is where mortgages are applied for and where design ideas will be debated upon. It is where possible areas of disagreement will come up. Also, troubles regarding finances and practicality will be brought up. It is not an impulsive decision a couple can enter into. Multiple factors must be considered even before asking whether a couple needs to buy a house.
What are the factors a newly-wed couple should consider before actually buying real estate?
Is it something you can afford?
The first question you should ask as a married couple is whether real estate is something you can afford. Besides being your future residence for years to come, real estate is also a huge investment you will pour most of your savings into. Most apartments cost around $1,200 per month for rent. Even if you decide not to use it, you can put it up for rent and make a profit.
In June 2019, the average price of a sub-urban home costs around $300,000. While that can be spread out over several years, it will take a chunk out of your combined savings. Making that big step towards commitment is something that you and your spouse should talk about.
Is it something you can live at?
The place should be viable to live at. There are many factors to consider if you want to make a specific area your residential home. For example, you should consider the atmosphere and the environment of the community you want to live in.
Is it an area your future potential children can live in? Are your neighbours easy to talk to? If you are considering buying a pre-loved home, you should make sure everything is running well. Is its electrical examination report spotless? Is it near the essential places you need to go to in case of an emergency? These are just a few of the things you want to have checked before getting that mortgage.
Is it something you both want?
You should also ensure that getting a mortgage is something you can live with. You should make sure that it is something you, as a couple, both want. There are many instances wherein the husband or the wife was only enticed to get the real estate opportunity. In reality, countless couples are half-hearted about getting an actual home and would rather pay rent. Societal pressure about getting your own home is high for newly married couples. You always have to remember to listen to your gut feeling and to be completely honest and open to your spouse about your thoughts.
Is it something that can be resold easily?
Lastly, you must also consider the potential resale value of the property after a long period. Planning for the long-term includes looking out for the potential developments around your neighbourhood.
It is not always that the premiere suburban areas get the most prestigious developments from the state. A lot of these developments are planned by the government for the long term. A specific site, while far away, may eventually get a subway station or a train station. An area may also get its own hospital or fire department. Being up to date with the future planned developments will be integral in buying a house.
Buying a house is one of the most challenging moves you will make as a couple. Being grounded, realistic, and calculated will net you the most positive in your life. Be at peace with what you will decide is vital for the full enjoyment of your home.