Ready to Buy?
In today’s housing market many couples are choosing to purchase a home before they get married or even engaged! There are several things to consider before each of those decisions. My advice is to ask yourself and your significant other these 5 questions before deciding!

Are You Two on the Same Page?

Ever heard the phrase opposites attract? Often times we choose someone who brings balance to our lives. That being said, there is often one person in the relationship who, when ready to make a decision, doesn’t hesitate. He or she just goes and gets what they want, while the other person in the relationship is often the polar opposite: methodically processing the pros and cons before they can settle on a decision. If this is the case for you and your special someone, don’t rush them. Allow them to have time to decide for themselves. You don’t want to overwhelm them and you certainly don’t want them to feel a sense of buyer’s remorse. Get them information and give them options.

What do we want in a home?
Purchasing a home is a huge decision. It is the greatest single monetary investment most Americans will make in their lifetime. Arguably though, choosing who you will spend the rest of your life with is an even greater decision. Keep that in mind when you two are hashing out the fine details. 
A good starting place is the basics:

• How many bedrooms & bathrooms do we want?How many do we absolutely need?
• How much square footage is our minimum/maximum?
• What neighborhoods do we like/dislike?
• What are features that we cannot live without?

These are the basics for any search. Remember, you aren't just choosing a home, you are choosing a lifestyle. That being said, also ask yourselves:

• Is this our starter home, or our forever home?
• How far are we willing to commute to work?
• How long are we willing to commute to evening & weekend activities?
• Do we want to be in a certain school district?

You may not agree initially or ever. Regardless, this is an important conversation to have; after all, you are planning to spend the rest of your life together!

What Price Range?
This is a biggie! Deciding on finances can be painful for some couples, but again, it is necessary. Important things to consider are:

• Are both of our names going on the mortgage?
• If not, will we both contribute to the monthly mortgage payment?

Next, decide how much you can afford. Look at your finances. What are you spending monthly already? This is a good starting point as to what your comfort level is. Also, explore the idea of getting rid of debt such as credit cards and student loans. Or, set a goal to make a significant dent in your debt before applying for the mortgage. This will make you a better candidate for a mortgage and reduce overall stress on you individually and as a couple!

Once you have been approved for a mortgage, decide how much you want to borrow. Just because you got approved for a certain amount, doesn't mean that amount will be comfortable for you. Also, consider your current lifestyle. Are there things that you could cut back on? Are there things that you will not want to let go of? Jumping into a mortgage that is too high for your lifestyle often leads to buyer’s remorse. Avoid this by factoring in your lifestyle to your decision!

How will we Hold Title?
If you do decide to purchase the home before you are married, deciding how you will hold title before you begin house hunting is vital! When married, each spouse owns full and equal rights to the property as well as the right of survivorship. When buying before married, you must decide if one individual will hold title or if you will both hold title. If you decide to both hold title there are two options: joint tenancy and tenancy in common.

Joint tenancy is where each individual owns an equal share and if one party passes away, title transfers to the survivor, regardless of what a will may specify. On the other hand, tenancy in common is where each individual shares possession equally but may own equal or unequal shares of the home. If one party passes away, unless the surviving party is named in the will, the decedent’s interest passes to heirs. Our Title and Escrow Officers can explain this in more detail. 
                            
                                    It's now time to make you the King and Queen of your new castle!!! 
                                                              Contact me today at 702.WED.7909!