Congratulations on your Big Day! After the special day and amazing honeymoon, the two of you may be ready to face another big life decision… buying a new home together.
Here are 9 pro-tips on buying a home with your new spouse.
1. Vision for your Marriage – As a new couple we suggest investing some quality discussion time and coming together to create at least a 1yr and a 3yr vision for your marriage. Keep it fun and inspiring and allow for change as life will throw you many ‘curve balls’.
2. Kids or No Kids – Are you a blended family? Are you planning to have kids, or more kids? or are you thinking “not now, but maybe later”? Or simply no kids…. Just fur babies for us please! Usually, kids (even fur babies) play a major role in the home you desire, a little planning ahead can go a long way.
3. Lifestyle – Budgets are boring and restrictive, but creating an Annual Lifestyle Financial Plan with your spouse can be exciting and inspiring. Take the time to create a spreadsheet and make an Annual Lifestyle Financial Plan that includes a list of all expenses you wish to pay for and your ideal lifestyle for the next year. Have fun with it. Pro tip: Planning financially should be done yearly not monthly as we have so many annual expenses that need to be accounted for like birthdays, holidays, and maybe a new ritual of an annual family vacation.
4. Careers – Do you work from home now, or do you drive to work daily? Is one of you the primary income earner, or are you a double income powerhouse? Our careers play a role in the homes we live in so take a moment to consider what type of home best supports your careers now and in the future.
5. Friends and Family – Is it important to you to be close to your parents? A dear friend? Those special people in your life can make where you live that much better. On the other hand, maybe you need some distance, sometimes a little space from people is a good thing. As a couple, consider how close or far you want to be from friends and family when buying a new home.
6. Adventure & Entertainment – What are you both into? Is one of you prepping for an Ironman and need lots of outdoor options? Are you a bookworm and love movies? Do you plan on entertaining guests in your space often or do you prefer to go out to party? As a couple, how you like to adventure and entertain will help shape your next home purchase.
7. Handiness – Your willingness and overall enthusiasm to renovate those ugly homes into something beautiful can be massively profitable, and overwhelming. Think about your tolerance to take on a project and decide to what types of projects you are willing to take on. Maybe carpet and paint are as far as you’re willing to go, or are you comfortable gutting the kitchen and starting over? Renovations can be fun and can create a deep bond with the home when you’re all done, it may be worth it.
8. Investment for the future – Is real estate a part of your retirement plan? How about leveraging real estate to fund your kid’s college? Long-term holding in real estate has an abundance of financial benefit, however it does require your willingness to become a great landlord. Discuss with your spouse their willingness to manage property for massive long-term benefits.
9. Only work with Advisors not Solicitors – A professional Real Estate Advisor is not trying to “sell” you every time they talk with you and they aren’t focused on what’s in it for them. An Advisor is most interested in understanding what is important to you, your unique needs and circumstances, and consults you on your options from a position of doing what is best for you, not what is best for them and their quotas. Working with a Real Estate Advisor can make buying your home with your new spouse fun & enjoyable vs. the stress of “sales tactics and misinformation” that often occur when working with a Solicitor Real Estate Agent.