After walking down the aisle, the next big step that newlyweds would probably have to walk down to is figuring out which home to call their own. While there may be a lot of housing options a couple can choose from, practicality and lifestyle would always play an important role in the whole decision-making process.
As you embark on a new journey as a married couple, don’t forget to take certain things into consideration and ensure that you are financially ready to fully enjoy your first home.
Plan according to your lifestyle
Your lifestyle can be a huge deciding factor as you choose the right type of home for you. Whether you’re always on-the-go or the stay-at-home type, there will be a fitting home choice for you. Not to mention, help you in other important aspects as well such as budgeting.
For example, a more outgoing lifestyle would prefer a spacious bedroom or a condo unit than the living room or a place out of the city.
Consider the number of family members living
For couples who plan to have kids really soon, considering the type of home would best do the future of the family more than just the couples’.
Thinking long-term before buying a place that you could soon outgrow or upgrade is crucial. Sit down and talk about the size of the family you’re planning to have and make sure there’s enough space for everyone at home. Besides, who would even want to move in and out once in a while, right?
Stable source of income
For newlyweds, it’s barely impossible to get all the payment and spending done in just one sitting. The thing is, having your own home would definitely take much cash from your wallets, and you wouldn’t want to be left with a zero balance.
Remember that most lenders will want to see consistency in your professional history. Don’t make purchase decisions without considering how much money you make and how long can it cover the expenses for your new home. Make sure that you have extra cash on standby just in case things get rough in the future.
Get the right person to help you
Make sure that you choose one that you’re comfortable communicating with and who has your best interests at heart. Whether getting a condo, a townhouse, or a place in the suburbs, be keen enough to deal with someone who understands your needs and not just to seal the deal.
Being financially drained isn’t how newlyweds should start off. By getting the right people to do the job, the hunt for your next home would certainly be sweat-free.
Whether you are planning on renting, buying, or still in the processes of deciding, you definitely need to take the necessary time needed to save up enough money. Getting yourself a conducive place to live in will truly dig a deep hole in your pockets, so make sure that what you spend on should address the needs of your future family. Remember, a happy family makes a happy home.
Carol Soriano is a consultant for PawnHero.ph, the very first online pawnshop in the Philippines. A writer at heart and a social media enthusiast, she finds personal finance, investment and money matters interesting topics