Tips for couples buying their first home

It’s the month of love and even if you don’t buy into all the fuss of “Valentine’s Day” you may be considering buying a home with your significant other. Buying a property together is a huge commitment and may feel a little daunting as it not only tests your love but your finances too. From choosing the right property to saving for your deposit there are many things to consider and discuss as a couple before you take your first step together on the property ladder.

To ease the process and prevent any unwanted surprises we are sharing our tips for couples buying their first home together.

How much can you afford?

Your affordability isn’t just about how much you can borrow, in addition to the monthly mortgage repayments you will need to cover the utilities, insurances and any subscriptions to plan to take out such as streaming services. Our Mortgage Advisor, Kyle is on hand to speak with you both and determine how much you can borrow then together you can calculate your potential monthly bills. This will be your first home together so you’ll want to have enough money at the end of the month to live your life as you wish whether that’s savings for holidays, enjoying nights out or planning for a big event such as a wedding or a new addition to your family.

Be honest about your finances

You may not have discussed each other’s finances in-depth yet but this is an essential conversation that needs to be had before you make your move in together. Aside from your earnings, you will need a clear understanding of your finances as a whole including any debt you may owe. Many couples choose to set up a joint bank account to keep track of their shared payments. Aside from the obvious payments of your mortgage and bills, set aside additional costs for your solicitor’s fees, maintenance costs, furniture purchases and any decorating you wish to do.

Cover yourselves legally

Some couples may be entering into buying a home that is split equally, however, some will be inputting different amounts for the deposit leaving you with a decision to make in the unfortunate event that you may split up and be forced to sell the property. Although this isn’t a nice thought you should have an open and frank conversation about these finer details. A solicitor can draw up an agreement to set out who has contributed what and even who will inherit the property in the event of your passing.

Fall in love with the right home

Finding your soulmate isn’t easy and the same goes for finding the perfect home. You’ve discussed in detail about moving in together, you’ve found the right mortgage and you know what the commitment entails so don’t rush into buying the wrong home. Make sure both your head and heart have their say before making an offer and enjoy searching for your first home together.

Call our team to tell us about your preferred location, how many bedrooms you’d like, parking requirements and anything else that you’re looking for in your first home together. We’ll keep your notes on file and can contact you as soon as a similar property comes on the market. If you have a property to sell and would like a market-led valuation call our team on 01633 870777.