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As a newlywed couple, purchasing a home is one of the biggest decisions you will make together. In the U.S. and other Western countries, over 90% of people get married before age 50, which means that many newlyweds will be in the market for a new home. However, the process of buying a home can be overwhelming, especially for first-time homebuyers. Here are some things to consider as you navigate the world of homeownership as a newlywed couple, from money to location to house size.
1. Location
The location of your home is one of the most important things to consider when purchasing a property. Think about your lifestyle and what you need in terms of proximity to work, schools, and amenities. Do you want to live in a bustling city or a quiet suburban area? Are you looking for a home with a big yard or something with a small patio? Consider what you are looking for in a neighborhood and what you are willing to compromise on.
2. Size
The size of the home is also an important consideration. As a newlywed couple, you may be starting a family soon and will want to make sure that you have enough space for your growing family. On the other hand, you may be more interested in a smaller, more manageable home that is easy to maintain. Consider how much space you need and how much you can afford.
3. Age and Condition
When purchasing a home, it’s also important to consider the age and condition of the property. An older home may have more character, but it may also come with more repairs and maintenance issues. A newer home may be in better condition but may also be more expensive. Consider what you are willing to deal with in terms of repairs and maintenance and choose a home that best fits your needs.
4. Roof
The roof is one of the most important parts of a home, and it’s important to consider the condition of the roof when purchasing a property. 90% of asphalt roofs are installed with fiberglass shingles, which have a lifespan of 20-30 years. If the home you are interested in has an older roof, you may need to budget for a new one soon. Be sure to have a professional inspect the roof before you close on the home.
5. Kitchen
The kitchen is often considered the heart of the home and is one of the most important rooms to consider when purchasing a property. Kitchen remodeling has increased by 23% in the last year, which means that many homeowners are investing in their kitchens. Consider the layout and condition of the kitchen and think about how you would like to use the space. If the kitchen needs a lot of work, you may need to budget for a remodel.
6. Potential for Future Expansions
As a newlywed couple, you may be starting a family soon and will want to make sure that you have enough space for your growing family. Consider the potential for future expansions when purchasing a home. Look for a home that has a lot of potential for expansion such as a large lot or a home that is built on a crawl space or a basement.
7. Finances
Finances are one of the most important things to consider when purchasing a home. Be sure to have a budget in place and make sure that you can afford the home that you are interested in. Be sure to factor in things like property taxes, insurance, and maintenance costs. It’s also important to consider the long-term financial implications of purchasing a home, such as the potential for appreciation in value over time.
In conclusion, purchasing a home as a newlywed couple is a big decision that requires careful thinking. Be sure to weigh all your options before you finalize your purchase. Use these tips to help you pick the best home for you!
The post 7 Things to Consider as Newlyweds Purchasing a Home appeared first on Budget and Invest.
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Image and article originally from www.savingadvice.com. Read the original article here.