Tips for Buying a Home with Your Significant Other

Engaged...check. Married...check. Honeymoon...check. Now you may be considering purchasing your first home together.  Buying your first home with your new spouse can be a complicated process.  Many couples have never actually lived together, one person might be carrying more debt or have bad credit, your tastes and expectations are worlds apart...these are just a few things that cause newlyweds to get frustrated early in the home-buying process.

Here are a few tips to consider when purchasing your first home together.

1. Window Shop Together
Go to home tours, review listings and discuss likes/dislikes, clip pictures out of magazines and determine what you can and cannot live without. Figure out which things you can compromise on so that you will BOTH be satisfied buyers. Keep in mind that most homebuyers will stay in their home for 9 years - you want those nine years to be enjoyable.

2. Consider Credit Issues for BOTH of You
Your bills are always paid on time. Your credit score soars in the upper echelon. How did you fall in love with someone with bad credit? For various reasons, one partner (or both) may come into the marriage with debt or credit issues. All loan borrowers and co-borrowers will be under close credit scrutiny by a lender. Credit scores for both borrowers have to measure up, and income, employment and debts for all borrowers will be analyzed. If you or your spouse lags far behind in creditworthiness, you might consider obtaining a loan in your name alone. This action involves some legal consequences that vary from state to state, so make sure to get a real estate attorney’s advice before proceeding.

3. Don’t Overspend
Buying your first home with your spouse can be the most thrilling time of your life. You picture dogs rambling in your first backyard and kids pedaling bikes down the driveway. Somewhere along the line, budgeting tumbles to the bottom of the priority list. Don’t let a home bankrupt your family. Determine the mortgage payment that you can comfortably make each month and stick to that figure. Keep in mind that as a homeowner, you’re responsible for repairs and maintenance, which can also be costly. Maintain a reserve fund for repairs and keep a few months of mortgage payments stashed away in case of emergency.

4. Have Fun!
Looking for the perfect house shouldn't be a stressful experience. Pack a picnic basket full of goodies to enjoy during a day of house tours. Splurge on a dark chocolate mocha for your next meeting with your agent. Post pictures of your home tours online and ask your friends and family for feedback. Enjoying your time together is key to both a successful relationship and a successful house hunt!

So now that you've decided to buy your first home with your significant other it's time to start thinking about hiring a buyer's agent at the Lake of the Ozarks! Thankfully, you won't have to look very far. Whether you're buying a first home at Lake of the Ozarks, your dream vacation property on the water, or an investment property, we are committed to providing you with the highest quality Buyer services. Contact eXp Realty TODAY to get started!

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2011 REALTOR Salesperson of the Year
Missouri Association of Realtors

752 Bagnell Dam Blvd., Suite A
Lake Ozark, MO 65049

Office | 573.365.1555
Fax | 573.365.1766


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