The dream of purchasing a house together often makes it to the bucket list of many newlywed couples. However, just like marriage, buying a house is also a crucial milestone, and hence it’s essential to analyse various aspects related to home-ownership beforehand. On that note, we would like to shed some light on home buying tips for newlywed couples:
Research the market and property
An impulsive decision when purchasing a property can cost you dearly in the long run. Therefore, to settle for a lucrative deal, you must research the real estate market,property’s location and connectivity thoroughlybefore making the final call.
Check the finances
It’s imperative to conduct a detailed analysis of each other’s financial commitments before purchasing a property. This will help you buy a property that’s well within your budget. Moreover, if both you and your spouse are working individuals, you can consider applying for a joint home loan. This will help avail a larger loan amount, and both of you will share repayment burden. Also, stamp duty costs are significantly lower for women homebuyers.
Refine your credit score
In case of a joint home loan, the lender will evaluate the credit score of both applicants. Thus, to avail a higher loan amount at a competitive interest rate, both the applicants should work towards improving their respective credit scores. With a credit score of 750 or above, qualifying for a joint home loan will become a hassle-free task.
It’s possible to improve the credit score by clearing outstanding debt, minimizing the credit utilization ratio, and having the right credit mix.
Consider amenities and resale value
It’s essential that both you and your spouse are on the same page and share a similar viewpoint on the property’s purchase. Since the cost of your house would depend largely on amenities such as a clubhouse, parking space, gym, departmental store, etc., you must prioritize them accordingly based on your needs and financial capacity. However, it must be noted that such amenities would add to the resale value of your property. This can be fruitful if you wish to shift to a bigger and better house in the future.
Quality check of the property
It is important to conduct a quality check of the property before investing in it. Inspect the wall thickness, check for leakages, examine the fittings and fixtures. If you do not have the expertise to conduct a quality check yourself, you can consider seeking the help of a home consultant. This will help you make a well-informed decision.
House hunting can certainly be overwhelming and tiring, but with the help of the above-mentioned tips, it will be easier for you to purchase the right property for yourself. So, do not hold back, avail a joint home loan, and fulfil your dream of purchasing a house with your spouse today.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.