6 Tips for Couples Buying Their First Home

What could be more exciting than buying your first home? Buying your first home alongside your partner!

Couples buying their first home are beginning an exciting new phase of their lives together. However, buying a home can be tough and stressful depending on your circumstances.

To help couples buying their first home prepare for what’s to come, it’s always a good idea to gain a better understanding of the home buying process.

Advice for Couples Buying Their First Home

Here are six tips specially curated for couples buying their first home — helping you both celebrate more, and stress less.

#1. Work On Your Credit Together

When you are thinking about buying a home together in the near future, the first step should be to begin working on your credit scores.

The sooner you both begin working on your credit scores, the better. The longer you have to build your credit, the more you can each prepare to be the strongest borrowers you can be.

Boosting your credit score and building positive credit history will help you appeal to lenders, making it easier for the both of you to be approved for a loan and access benefits — like lowered interest rates and waived fees — that can set you both up for a stronger financial future.

#2. Prepare Your Finances as a Unit

While both of you will need to build your credit individually, you should consider preparing your finances as a unit.

Working together can alleviate the financial load associated with buying a home — including the upfront and long-term costs of becoming a homeowner for the first time.

Remember, you’re buying the home together. You will likely have a smoother road ahead if you have a clear understanding of where the funds are coming from to pay the different items due at closing, and once the keys are in your hands.

Talk about your budgets, savings goals, and financial flexibility when preparing to apply for your mortgage. This can help you both set an accurate budget while getting ready to cover home buying expenses, like the down payment and closing costs that buyers are responsible for.

Don’t forget to account for the hidden costs of buying a home, like moving fees and the utilities set up.

#3. Be Transparent About Wants, Needs, and Expectations

Couples buying their first home will have many decisions to make. To avoid disagreements and confusion, both of you should be as transparent and honest as possible throughout the process.

At the beginning of your purchase when you’re setting your strategy, make sure that you are both clear about each other's wants, needs, and expectations.

For example, if one of you is looking for a home in a relaxing, quiet neighborhood with a big yard and the other wants a metropolitan home in a bustling city atmosphere, it may be difficult for you to move forward and decide on a listing to place an offer on.

To avoid issues and stalemates, have open conversations about this next big step in your lives and work together to achieve mutual goals. It’s important that you’re both supporting the home buying goals of each other while negotiating when necessary.

#4. Outline Responsibilities

There are many tasks and things to do for couples buying their first home. To make sure that nothing is missed, it can help to clearly outline the responsibilities for each person.

For example, one of you may be in charge of speaking directly with the agent and relaying the progress to their significant other. Or, someone may be in charge of preparing for the move, packing, and getting the new home set up.

The more organized you are as a unit, the easier and less stressful the transaction process will be.

#5. Start Planning Your Move Early

As with any move, the sooner you begin preparing, the easier it is.

As a couple, it’s important to begin packing and organizing your belongings ahead of time. This is especially important for couples that do not already live together since they will need to combine and organize their belongings under a single roof.

Make sure that you begin getting your boxes packed early and have a plan to transport your belongings — especially large furniture that may require hired assistance to move.

#6. Work with a Top Agent in Your Market

Couples buying their first home should streamline their home buying experience by working with a top agent in their community.

When you hire one of the best agents in your area, they will be able to walk each of you through the processes of house hunting, making an offer, moving through escrow, and finally closing.

If you’re ready to begin speaking with a talented, trustworthy agent with ample experience in your market, let RealEstateAgents.com put you in touch with the best in the business.

Congratulations, couples!