Tips for buying a home together

Patrick Young

Danish Modern San Diego welcomes back to the Mid-Century Meditations blog guest blogger Patrick Young of AbleUSA - https://ableusa.info/blog/

Edited and formatted by Dawn Torres-Reyes

Image Credit: Pixabay

Enjoying A Dream, Avoiding A Nightmare

For many people, buying a home together is the fulfillment of a happy dream and one of the most significant achievements of their relationship. 

Unfortunately, home buying can become a stress-filled eye-opener for those folks who have not been forthcoming with each other about what they want in a home or about their financial circumstances.

The worst-case scenario is a damaged relationship marked by mistrust and resentment. Communication and patience are absolutely key if you and your partner(s) are to make that happy dream come true. 

Keep scrolling for tips on getting through the home buying process together.

​Talk It Out

Before starting your home buying process, it is crucial to discuss each person's vision for their dream home. Bring compassion and understanding to the table and be willing to make compromises for the sake of access and budget.

Talk about the type of home you want, where you want to buy, how much you intend to spend, and the types of mortgages that are available. You will probably see homes you both love but which exceed your ability to afford comfortably.

Bear in mind that there is not much sense in overpaying for a house if it means you will be "house poor," living in a home that is so beyond your means that you can afford little else. Come to an agreement as to how much house your budget can comfortably afford.

​Another item to factor into your budget is the cost of home repairs and improvements, which you can expect to crop up from time to time. The traditional formula is to set aside 1 to 4 percent of the cost of the house for home repairs.

And, as NBC News points out, don't forget to discuss your credit situation, especially if that is a subject you have avoided because it is uncomfortable. You don't want any unpleasant financial surprises once you find a home you like.

What To Do With Your Stuff

Once you decide to purchase a home together, be discriminating about what and how much stuff comes with you. Declutter by donating and selling items you no longer need or want. Consider a storage unit for larger items, such as furniture, that you want to keep and incorporate into your new decorating scheme. 

This is also a good time to begin looking for quality pieces of furniture that you want to bring into your new space. Danish Modern San Diego is an excellent source for European Mid-Century Modern furniture, which can add a unique touch to your interior.

Get Organized

Spend time organizing all the information and records you will need before starting the home buying process.

Use file folders to keep everything in order. An expanding file system from Office Depot will cost around $25, but it provides an efficient way to keep your paperwork together. 
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Get copies of your credit reports and go through them carefully in case there are any inaccuracies. Challenge anything that looks questionable. If one of you has a sub-par credit report, you may want to delay buying a new home until your collective credit standing is in better shape. It's worth the wait if it means getting the home you want. Be patient in cases where the credit situation is not what you expected as getting credit into proper shape will be a team effort. 

Find The Right Real Estate Agent For You

According to Forbes, the right real estate agent can help you and your partner(s) avoid many of the pitfalls that may result from the home buying process. A good agent will be your advisor, confidant, advocate, and source of information. It will be your agent's job to find the right property at the right price given your financial situation, so be very honest with whomever you contract.
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Some of the best agents are those that are willing to be candid, though tactful, with you about what properties you can and should be considering. However, beware of an agent who's just looking for a hefty commission because they may be less than frank with you.

Responding To A Home Inspection​

Deciding whether to buy a house "as is" versus under conventional terms has its pros and cons and should be discussed with your agent. While going the "as is" route, which forgoes any responsibility on the seller's part to make repairs to the property, is a money saver, it can also be risky because a home inspection isn't necessary. This is why purchasing a home "as is" is relatively rare. 
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The BrickKicker points out that for most buyers, a home inspection is essential. You need to know what you are buying, including what problems you are inheriting. A home inspection provides important information as you can use that information to ask the owner to make repairs or reduce their asking price. Patience is required at this stage, especially as you may be excited if you have found a property you love and agree on. If there is a problem with the roof or the foundation, you have got some negotiating to do with the current owners before finalizing the deal.

​Protecting Your New Home

Once you have acquired your new home and are prepared to move in, you should consider purchasing a home warranty. A home warranty can protect you from major repair expenses by covering many common issues, but all warranties are different, so be sure to check out home warranty reviews. You will sleep better in your new home knowing that a broken HVAC system or refrigerator will be easier to repair or replace.

Buying a new home can be as stressful as it is exciting for those who have never made such a large investment together before. It is a test of your relationship and the degree to which you trust each other and respect each other's wishes. Be honest from the very beginning and tolerant of the wishes and concerns of your partner(s) to ensure everything goes smoothly.