Parents’ Guide to Buying Their First Home Together

by Greg on June 2, 2020

house and keys still life

Moving into your first family home is one of the most significant milestones in life. Thus, it’s only right that you take the time to know as much as you can about a potential home property before buying. You want your home to be extra special, as this is where you’ll build lovely memories with your family.

Here are some of the top considerations you should pay attention to as you go home shopping to find the perfect place for your loved ones.

1. Location
This certainly needs to be on top of your list of things to watch out for. You want your future home to be accessible to key establishments like the school, hospital, grocery store, fitness center, and so on. Easy access to different modes of transportation is also a must, especially if you need to travel to work or school every day.

You should also consider the exact spot where your house will be located. Is it too far from the entrance gate? Is it built on a steep slope that might pose safety issues for kids? Is it receiving enough morning sun? Make sure to assess your home choices based on these factors.

Location is also one of the yardsticks used to determine the real property value of a home. If a home is located in or near a commercial district, it could have a higher resale value compared to the one that’s isolated in a place with little economic activity.

2. Community
This refers to the neighborhood and nearby areas surrounding your house. As a homeowner, you should be mindful of what kind of community you’ll be living in with your family. A fully developed community is the most ideal since it means that basic services are already available in the area. Most neighborhoods are also gated with dedicated security personnel to protect the safety and privacy of homeowners.

Another thing you want to have is a community where the neighbors are friendly yet discreet. If the community has a reputation for having toxic property owners, you might want to reconsider your options.

3. Home Layout
Among the features you need to examine in your future home is its layout. Sometimes, things can be tricky in that a spacious home fails to make use of the correct plan so the interiors of the house look cramped.

Whereas, a small but well-laid out living space may turn out to be a better alternative, especially if you consider the fact that sooner or later, your family will grow. A perfect layout is one that’s flexible enough to accommodate any future changes you may have to do without spending too much because there’s no need for a complete overhaul.

4. Financial Resources
A home is a major purchase that requires careful financial planning since lack of preparation can result in problems later on. With that said, be sure to carefully study the following financial aspects of owning a house:

How much home payments you can afford. You’ll be paying a monthly mortgage for your home, the money for which will be coming from your monthly salary or income. Ideally, the amount of your mortgage should not go beyond 30% of your earnings; otherwise, you might run into budgeting problems since very little would be left to cover the rest of your living expenses.

How much down payment you need to make. Typically, down payments are worth 20% of the total price of a home, so make sure you’ve saved enough for it before shopping for a home.

How you will finance your home payments. You’d still have a relatively massive amount of balance after you’ve made your down payment, so make sure that you have a source of funding for this. You can get a loan from a bank or other financial institutions that will evaluate your credit standing before granting you a housing loan.

5. Financial and Legal Documents
Speaking of loans, you’ll be required to submit essential documents to prove that you have the financial capacity to pay off your lender. These may include proof of employment if you’re earning a salary, business registration if you’re an entrepreneur, tax returns, bank statements, clearance from your credit card company, and so on.

You’ll also need to provide identification documents, such as your birth certificate and company- or government-issued IDs. Since you’re buying a house with your spouse, you should also be able to present a copy of your marriage license or certificate.

Final Words
As you can see in the list above, buying a house is not as simple as it seems. Many homeowners-to-be employ the services of a real estate agent to help them find the best properties in the market or facilitate loan applications with banks or property developers. You can go this route too, if you’re not confident or if you feel that you don’t have enough knowledge of the ins and outs of buying your first home.

Whatever challenges you go through, in the end, you’ll find that everything was worth the effort.

 

Michael Hill

Michael Hill works as a Marketing Manager at Ayala Land International. He believes that everyday is a chance to learn something new. On his free time, he writes about home improvement, personal finance, and lifestyle articles.

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