Buying a home with your spouse or partner is a big step, but it’s one that can lead to an even brighter future. Uncovering your eligibility as a borrower, finding the perfect home, and handing over a well-planned down payment are all important steps here. But the finances and home search aren’t the only things to consider when becoming homeowners with your partner.
Begin with the financial picture.
Finances are of course an essential element when it comes to a home loan and becoming homeowners. Applicants for a home loan must provide evidence that they will be able to meet the monthly payment requirements for the foreseeable future — possibly as long as 30 years into the future. Because this is of course not something that can be guaranteed, financial institutions take their time in making a judgment about the eligibility of any applicant seeking a home loan to purchase their new home.
When considering a move into your own home, it’s important to start early. In the months or even years leading up to this purchasing decision, you must begin to aggressively pay off any revolving debt that you carry. The ideal situation would see you and your partner each carrying credit cards that trust you with large borrowing limits, but without any balances to speak of.
Having access to credit and not using it is the best way to rapidly increase your credit score. The next best thing, of course, is to pay off as much of your existing debts as possible to bring down your ratio of credit lines to carried balances. The best mortgage loan offers are extended to those who take great care of their credit and savings portfolios, so working toward this mark of financial health will help you gain access to the best possible rates as a borrower.
Think about the home, too.
You and your partner will spend most of your free time in this home, so it’s necessary to evaluate what you both are looking for in a space to live. The best way to do this is to think about the type of home you see yourself in. Maybe you want an open floorplan in one of the country’s rural areas so that you can sit outside and admire the natural foliage that the nation’s recreation space has to offer. Alternatively, you might be a city animal and love a top floor apartment that looks out over the rural areas that surround the urban metropolis that you call home.
Finding the right property location is essential to ensure your happiness in the home for years to come. First-time buyers don’t always understand the depths of their must-haves list and can jump the gun on a property that looks or feels great but doesn’t quite suit their needs. Homeownership is a tricky maze of tradeoffs, so starting early on your search — like with your finances — is a smart idea for finding the perfect home or condo.
But home is more than just the four walls and furniture. In order to really make a house a home, you need to populate it with your memories and comforts. Roses chocolates or caramel are a great addition to the home’s coffee table, as well as pictures and artwork that reminds you of those special times together. Even though your spouse or partner will be with you in the home, keeping your spark going relies on these smaller touches that make the new space feel home. Homeownership takes a decorator’s eye as well as a love in order to truly create that special place that you want to return back to at the end of a long day at the office.
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