Are You Asking The Right Questions?
As a couple deciding to take the plunge of buying a home together, it’s important to put some thought into this major move. Making sure to ask the right questions is half the battle when it comes to affording and loving your new home, and still loving your spouse!
Here are some questions you and your significant other should be asking:
What are we willing to sacrifice to make this happen? Be on the same page about lifestyle concessions.
What are our non-negotiables? Decide what you won’t compromise on and if there are any red flags.
Do we want to have kids (or more kids)? Have an open conversation about growing your family and what kind of space that will require.
Should we both be on the loan application? Do the research to position yourselves for approval.
How much do we need in our emergency fund to feel secure? A good rule of thumb is enough in the bank to live on for three months.
What’s the plan (gulp) if things don’t work out? Consider speaking to a lawyer about adding a clause to a prenup.
How long are we willing to stay and how will that affect our mortgage? Laying out a timeline can help pick the type of mortgage you apply for.