First Steps

6 Home Buying Tips for Couples

 

6 Home-Buying Tips For Newlyweds/Couples

6 Home-Buying Tips For Couples

Buying a home is a dream for most couples. But realistically, it can put a bit of stress on any relationship. Here are some tips to help simplify your home-buying journey — and maybe even enjoy it!

1. Discuss Your Budget

  • Determine your actual buying power: how your financial situation looks, including income, debt and credit history.
  • Map out your budget, and let it determine the type of house you can afford.

2. Discuss Your Must-Haves

  • Talk openly about your expectations for your new home.
  • Create a “wish list” of your top home features and amenities.

3. Get Prequalified for a Loan

  • If you don’t have cash on hand to buy, your best option is to get a mortgage.
  • Get pre-qualified for a housing loan that fits within your budget.

CHART:

Median Home Price of First-Time Home Buyers (2018) 1

Married Couple: $229,000

Single Male: $188,400

Unmarried couple: $187,000

Other: $169,000

Single Female: $153,900

4. Choose Your Community

  • Choose a location for your home.
  • Pick a neighborhood you’ll want to stay in for years.

5. Conduct an Inspection

  • Before buying a home, hire a qualified home inspector to evaluate your potential new home.
  • A home inspector can let you know if there are problems and help you make sensible decisions when putting in an offer.

6. Work with a Real Estate Agent

  • Find a qualified real estate professional who can help you streamline the home search and home-buying process.
  • A real estate agent can provide practical advice and help with the overall home buying process.

CHART:

Who Are Today’s First-time Home Buyers?1

Married Couples: 54%

Single Female: 18%

Unmarried Couples: 16%

Single Males: 10%

Other: 2%

Buying your first home as a couple is an exciting step on your journey. Take your time and make sure to prepare yourselves — and enjoy planning your new life with your love!

Sources:

  1. https://nationalmortgageprofessional.com/sites/default/files/NAR_HBS_2018_10_29_18.pdf

How Much House Can You Afford?

Calculate

Why Finance of America Mortgage?

We’re not about pushing loan papers. We’re about moving your dream forward. And we do that through knowledgeable local advisors, a personal approach, and a variety of smart loan options.

Learn More About Why Finance of America Mortgage?

$50B+

Consumer Loans Funded

400+

Local Advisor Branches