Things to Consider When Purchasing a Home as a Newlywed
According to a study by Coldwell Banker, 35% of couples purchase a home together within 2 years of getting married. If you’re purchasing a home as a newlywed, our list will prompt you to consider important elements of the house-hunting process. One of the most important things? Finding the perfect realtor to help you navigate the home buying process successfully and find your dream home!
What neighborhood do we want to live in?
The Dallas Fort Worth Metro area has many vibrant neighborhoods with unique features. Downtown Dallas offers museums, restaurants, shopping, and more all within walking distance. Looking for picturesque views and close proximity to the water? Lewisville, The Colony, and Corinth are just a few of the cities on Lake Lewisville. Fort Worth offers a quieter pace of life with plenty to do and see at the Fort Worth Stockyards. Whether you’re looking for walkability, community amenities, proximity to work, or the best place to start a family, narrowing down your geographic “want” list is important! Unsure which Dallas Fort Worth area is right for you? Your realtor can help!
What is our budget?
Applying for a joint mortgage has its perks, and often you’re prequalified for a higher mortgage because of a combined monthly income. When considering your home budget, many real estate professionals recommend the 28% rule. To determine how much you can afford, multiply your monthly gross income by 28%. For example, if your joint monthly income is $12,000, your mortgage payment should be no more than $3,360. If your joint monthly income is $8,000, your mortgage payment should be $2,240 or less. Many factors determine your monthly payment including the down payment, interest rate, and property tax. Work closely with your realtor and mortgage company to decide on a budget that’s right for you.
What are our must-haves?
There are tens of thousands of homes for sale at any time in the Dallas Forth Worth metro. Narrowing down your house hunt by geographic location is only the first step in finding your dream home. The more information you can provide to your realtor, the more tailored their recommendations will be. Hoping for a wood-burning fireplace or a three-car garage? Be sure to add it to the list you provide your realtor. They can even set you and your spouse up on a custom MLS search so you’re alerted of any potential matches right when they hit the market.
Are we willing to do renovations?
Renovations aren’t for everyone. And, if you’ve recently married maybe the last thing you’re needing is another big project. If you and your spouse find yourselves up for the challenge, it can be incredibly rewarding. A few things to consider – According to Redfin, the Dallas real estate market is very competitive, scoring 71 out of 100. Many potential homebuyers are afraid of anything needing too much work, and older homes in need of renos can often be purchased below market value. And, with Dallas projected to become the third-largest city in the US by 2030, purchasing and renovating a home now provides an opportunity for appreciation as the population grows.
Who will help us find our perfect home?
With roots in Dallas for more than 30 years, Ashley Adair with Texas Homes Network – Keller Williams loves helping couples navigate the real estate market and find their perfect home. If you’re searching for a realtor who is committed to finding you the perfect home while removing the stress often associated with house hunting, Molly Evans – Realtor® is the right partner for you. If you’re in the Fort Worth area, our realtor Kyle Davis – Keller Williams is the man for you. Your realtor is a key piece of the puzzle when it comes to home buying, and it’s important to be sure you find the right match when you’re purchasing a home as a newlywed couple!