If you’re ready to take the next step in your relationship with your partner and embark on an exciting project such as buying a home, then you just might need this article. A project such as buying a home appears to be very exciting, it, however, comes with its share of loops and hurdles. No matter how much you love your partner, buying a home, in reality, can be less exciting than you expected. 

When buying a home with your partner, you’ll need to get your mind prepared, and also be ready to compromise. You’ll also need to not have too high expectations concerning your home. 

In this article, you will learn about buying a new home with your partner. If you and your partner are looking to buy a home together, here are important things you should know.

1. Set a budget aside

Before beginning to discuss what you would want your dream house to look like, you and your partner would need to figure out together how much you can afford and what you’re ready to afford. You should ask yourself questions like “how much money you have in your savings, the amount you’re ready to borrow from a bank, grants, and other loan schemes. 

While making this calculation, try to be as conservative as possible, do not have a target that’s too high. The aim is to both come up with a budget you can afford without duress and a mortgage that’s too high. A general rule is to ensure that repayments will not be more than 25%-30% of your take-home pay. 

Also, do not forget the hidden costs that accompany the purchase of a home. Costs such as insurance fees, loan fees, and stamps are essential. Seek professional advice together and make sure the budget is accurate and comprehensive. The budgeting phase is the best time to begin a pre-approval process for a home loan. Not only will you have an understanding of the amount to borrow, but you would also be prepared enough to make an offer when the time comes.

2. Know what you want and make a plan

To avoid any form of unnecessary tension, try to have an agreement together on what to look out for in a home. This is essential because you might think you and your partner are both on the same page, it would however be a shocker to discover your partner wants something different entirely from what you desire in your dream home. Determine what is mandatory with your partner and what will be great to have. One good way to go about this is to both make separate lists, compare both lists and be ready to compromise for each other.

Once you know what you want, make this into a plan and begin house hunting. Finding and securing your dream home can be a big challenge due to the level of competition in the market but if you have a plan with a list of what you want and what you expect, it takes away stress to an extent.

3. Make The Right Offer To Secure Your Dream Home

After finding your dream home, it is best to make an offer. You will most likely buy by private treaty sale or by an auction. When buying by private treaty, you and your partner would need to have a solid agreement. This is because private treaties can be sometimes tricky. Greg Murphy, a seasoned real estate agent who has sold dozens of homes to local Salisbury couples says that it’s best to ensure you’re pre-approved before making any offers. Being pre-approved will mean you can make a more confident offer and shows to the seller that you’re a more solid option than other potential offers. 

You will need to figure out with your partner if the price is fair enough for the home. If there’s an auction, you will need to stick to your absolute budget limit. This will help you remain level headed and calm when it’s time for the auction. Also, try to discuss your strategy with your real estate agent as this can be very helpful.