9 Newlyweds' Guidelines for Buying Your First Home

As a newlywed couple, one of your goals will be to buy a house. In many cases, you will both be making these discoveries for the first time. Not only is it very costly, but it is also a major investment for both of you.

For this reason, it's crucial to exercise extreme caution and take every necessary step before, during, and after purchasing a property. By doing this, people increase the likelihood that they will make sensible judgments and not buy a home that is unsuitable for them or costs more than they can reasonably afford.

First-Time Home Buying Tips for Newlyweds

If marriage and homeownership are in your future, or if you just recently tied the knot and looking for your first house and lot in the Philippines, the following advice will make the process of finding your dream house much less stressful.

1. Be sure to set aside money for all applicable taxes and fees.

When purchasing real estate, it is expected that the newly married couple would pay the asking amount. And with this, you must consider all the applicable fees that will be required when you purchase your first home.

When buying a home, there are other costs to think about that must be paid on top of the purchase price or the down payment if you are getting a mortgage. This includes all applicable taxes and fees, such as those imposed on documentation stamps, registration fees, notarization fees, closing costs, and transfer fees.

You'll also need to shell out for certain costs if you want to secure a mortgage, including an appraisal, loan processing, and mortgage redemption insurance. These are all examples of incidental costs that must be tracked and paid for when buying your first home investment.

2. Talk about what your preferences for your new home.

In order to save money, it's essential that both partners share the same values and goals when doing a home purchase, especially with regard to important decisions like the layout, location, and size as this will be considered a conjugal property.

Your alternatives will be more manageable if you can reach a consensus on your preferences.

Get everyone on the same page by writing down and ranking their choices after the discussion. Once you have a list of your wants and needs, you can see whether you can afford a house and lot in the Philippines or if you need to settle for a smaller apartment for the time being. The two of you need to make a decision on whether you'd rather have privacy or be close.

3. Look through your budget and see where you stand.

You and your husband should have worked out your joint financial status before you tie the knot. Discussing your monthly income or even an existing student loan debt is crucial for your financial health. If you and your spouse haven't had this conversation yet, you may want to do so before you begin looking at houses online.

Before you and your significant other start comparing home models based on architecture and design, sit down and talk about your budget or your good credit score. It is important for newlyweds to take stock of their individual and financial capacity.

This might be an awkward subject for some couples to discuss. But if you're starting a life together and saving up for a major purchase, it's crucial that you have this conversation.

Don't forget that your budget is like a map, helping you find your way around the housing market. In the absence of this information, you and your spouse would be flying blind while you seek a dream home.

4. Schedule a home inspection.

Having the property examined is a crucial step once you and your spouse have found a home you're interested in purchasing.

A skilled home inspector can provide you with a thorough rundown of the property's condition for future reference. They will conduct a comprehensive examination of the property and raise red flags if they find anything in need of repair.

5. Apply for a prequalified loan.

First-time homebuyers who lack the necessary funds might look into applying for a mortgage loan. It's crucial to know your budget before house hunting to know if you can afford your monthly mortgage payments.

This may be done by getting prequalified for a mortgage. Remember that banks don't just hand you a home loan based on what you want to borrow money for. Instead, lending organizations, including banks, get to choose how much they are prepared to provide you based on your joint income and debts.

This is crucial to making sure that your regular earnings are adequate to cover the cost of the monthly mortgage payment. It would also be better if you already have set your financial plans before marriage.

6. Consult with experts for help.

Consult with appropriate experts, such as a loan officer at a financial institution or a real estate broker who is duly licensed. Both parties may provide crucial guidance throughout the home-buying process.

You could need advice on a variety of issues, including where city to settle in and whether or not the asking price of a house is fair. Real estate agents can also suggest a location that is poised for rapid growth in the near future and where the property is expected to appreciate in value.

7. Coordinate your strategies.

It's important for newlyweds to work together on key choices. This means you should discuss the priorities you share as a pair and find out what your partner is looking for in a home.

Now that you're married, it's important to consider your spouse's preferences as well. Check your savings and emergency funds to see whether you have enough money for a down payment. A down payment of at least 20% of the purchase price is usually required to get a mortgage loan.

8. Don't rush things and take your time.

Reduce your anxiety and enjoy the ride. You should not hurry your house-hunting trip, but you should approach it strategically. Relax and take things easy.

Choosing the wrong home is not something that can be quickly fixed, so keep that in mind. Consequently, choose the home investment that satisfies your prerequisites and preferences. Your choices should not be rushed. You'll eventually get there if you just keep looking.

9. Always go with a reputed developer.

Pick one that's on the market and has a track record of quickly selling off high-quality homes. You should also look into the developer independently and consider the feedback of others who have dealt with them. Consideration of the developer's sales administration, the available housing loan that they offer, mortgage options, and after-sale services is also recommended.

It's advisable that your first should seek actual customer reviews and testimonials on the real estate agent or the company's social media sites.

Lumina Homes, an Ideal Community for Newlyweds

It is a major life choice to purchase a property with your partner. Knowing your budget and how much house size you really need is crucial before making a purchase. That is why an affordable house and lot is definitely a sure win.

Newlywed couples who are aiming to buy their first home should keep in mind that they are also investing in the neighborhood. It's important to choose a place that can meet your necessities today and in the future.

Lumina Homes, one of the leading and most trusted developer in the Philippines, meet these expectations and goal of every Filipino family with its affordable house and lot for sale in its over 50 communities nationwide - all of which are built with quality and durable materials.

You can choose from our most in-demand home model units such as townhouses, duplexes, and single firewall units.

End the year with a bang as new married couples and schedule a site tripping now with Lumina Homes!