Getting married is a huge milestone in one’s life. But it is only one of many! The next big milestone presents itself shortly after – buying your first house together. However exciting it may be, many people rush into the decision without giving it enough thought and struggle with their finances afterwards. If you don’t want to be one of them, here’s a home buying guide for you.
Do: when buying a new house
- If both you and your significant other are working individuals, it’s recommended that you apply for a joint home loan. A joint loan for purchasing a home will allow you to get a larger loan amount, and the burden of the loan will be shared by two people. What’s more, you both can avail of tax benefits if you opt for a joint loan.
- The stamp duty costs are significantly lower if the property purchased is jointly owned or solely under your wife’s name. Besides, in the unfortunate death of any partner, it becomes quite difficult to transfer ownership if it wasn’t jointly owned. That’s why co-owning property makes everything hassle-free.
- Research about the property and neighbourhood well before buying a new home. Pay close attention to the long-term suitability of the property in case you are planning to have children. Also, consider location, commute, and the stress and cost of expected renovations.
- Above everything else, keep in mind that your relationship is more important than any home. Taking big financial steps can put a strain on any relationship. That’s why it’s essential to step into the process with an open mind. And work together to get the house that fulfils both your needs and wants.
Additional Read: How to Plan the Right Budget When You Buy a New Home?
Don’t: when buying a new house
- Don’t forget to get prequalified for joint home finance. Getting prequalified shows real estate agent and potential sellers that you are serious and can get the necessary finance. It will also allow you to evaluate how much you can afford. Knowing this will help you narrow down your search and won’t let you waste time chasing properties that are outside your budget.
- Don’t rush into the decision. Buying a house in a hurry can leave many important things unconsidered. And picking the wrong property is a problem that isn’t easily solved. Take your time, and ensure you’re getting your dream house in a neighbourhood you want to live in.
- Don’t forget to pay off any ongoing loans. Getting rid of any outstanding loan won’t just make you a desirable client for a lender but also improve your credit score. Lenders take into account all kinds of debts, be it personal loans, car loans, or student loans. Ensure you clear all your pending loans before applying for a loan because the less debt you have, the better interest ratesyou will get.
Looking forward to living in your dream home with your significant other? With Tata Capital’s housing finance solutions, you can choose among the best houses for couples without compromising. Our loans come with attractive interest rates, faster processing time, and flexible tenures. Visit our website today and plan your loan using our home loan EMI calculator today!