Newlyweds who are planning to buy a house must think of many things so as not to be mistaken. To be smooth, understand the important points so that you do not regret later. One way you can use is to use the NJ Home Buyer Rebate, where you can get a discount when buying the house you want.
Home is an important primary need especially for those of you who have just started married life with a partner. For you two, surely having a home is a target that must be realized. So, it doesn’t hurt for you who just got married to pay attention to the following things.
3 Tips on Buying a Home for a New Bride
1. Verify the Total Savings
The life of a new bride is certainly different when she is single. You have to discuss some serious things with your partner, one of them is financial condition. You both must be certain that buying a house requires quite a lot of money even though you use the installment facility with a down payment though.
Calculate in detail the value of savings and investments owned by each. If you want to apply for a bank loan, don’t forget to also check the financial history in the bank. Check again if you and your partner have installments or credit cards. The things that you might underestimate, can affect the process of homeownership.
2. Create a Plan for the Next 5 Years
How long stay and future goals, affect the installment and type of house that will be occupied. For example, if you plan to live in a city with a long enough time. You can take this type of installment with a period of up to 25 years with a fixed interest option.
Different again if you plan to move house within the next few years. There is another option, namely, you can choose short-term installments with floating interest to be more frugal.
3. Thinking about the existence of the baby
Every husband and wife ultimately crave the presence of a baby or child. Although some couples don’t want to have children right away, this should still be carefully considered. Like it or not, the presence of new members in the family will affect the financial condition.
You and your partner will not know what your financial condition will be in the next 3 years. Therefore, if you take the installment, and the installment is 1/3 or 30 percent of the fixed income, maybe this amount can be reduced to 25 percent of the total income. That way, you can switch to savings or use it as needed.