3 Essential Tips for Newly Married First-Time Homebuyers

Congratulations if you’re engaged or newly married. Getting married is an awesome milestone, just like buying your first home. The home marks the start of your financial success together, as the best wealth-building tool is a house. But how does the experience of newly married couples differ from that of other homebuyers?

Let’s look at the three main differences between newly married first-time homebuyers and other first-time homebuyers and some practical tips to make buying your first home together as stress-free as possible:

1. Motivations and priorities. While the desire to own a home is universal, newly married couples and other first-time buyers have different motivations. Newly married couples feel a strong drive to create a space that symbolizes their commitment and shared future. Unmarried couples are far less likely to purchase a home together; usually, one person just moves into the other’s place, which can lead to power imbalances.

In a new home, there are no lingering memories of past relationships. This clean slate allows newlyweds to focus on their shared preferences rather than just individual wants. They often look for homes near work, friends, family, and pet-friendly areas.

Talk openly about your priorities and create a list of must-haves for your future home. Identify non-negotiable and which ones you can compromise on. If both of you are clear on what you want, you can streamline your search and avoid homes that don’t align with your lifestyle goals.

2. Financial advantages and sacrifices. Single buyers often have to make financial sacrifices to save for their first home, which takes much longer. Of course, one of the biggest perks of being newly married is the dual income.

This isn’t just extra money in the bank; it means that if one of you has a high income and the other has high credit, you can join forces to boost each other. This collaboration can lead to easier loan approvals, lower interest rates, more buying power, and the ability to consider a wider range of options when buying a home.

However, if one spouse has terrible credit, it can negatively impact interest rates and loan terms, even if their spouse has excellent credit. The good news is that even though you are married, you do not have to include both names on the loan unless you need to include both incomes. If one of you makes enough money to get the loan, you don’t have to involve the other person’s finances or credit. Both names can still go on the deed without any issues.

To determine a realistic price range for your first home, create a joint budget that outlines your combined income, expenses, and savings goals. Consider adding down payment requirements, closing costs, and potential mortgage payments, too. I am also here to help you with this process; it’s my specialty.

3. Planning for the future. Newlyweds often think further ahead compared to other buyers. They consider questions like: will this be where you start a family, adopt a dog, or finally host a proper Thanksgiving without people fighting for elbow space at a folding table? Many couples already know how many in-laws to expect, allowing them to create a more realistic five to 10-year plan.

Homebuying is also a crash course in teamwork. One might dream of a huge backyard for future kids, while the other might envision a yard for wiener dogs. This is an opportunity to learn how to navigate compromises.

Have an honest conversation about your five to 10-year plan. Do you envision living here long-term, or will this be a stepping stone to your dream home? Use that vision to guide your choices regarding the size of the house, the neighborhood, and the proximity to schools, parks, or amenities.

Buying a home is a big life decision for many people, but buying a home for the first time, especially with your spouse, makes it even more special. Let’s make your experience memorable and as stress-free as possible.

If you’re planning a marriage and have a lot on your plate, you might not be ready to start house hunting for a while. That’s okay with me. I still want to offer you a free consultation, even if it might be a while before you’re ready to buy. Getting ahead of the game can be beneficial.

If you’re ready to take this exciting step together, feel free to call me at (502) 338-2861 or email me at rich@howtoaffordhomes.com. I’d love to help you find a home that reflects your shared vision for the future.