Starting a new life together requires making a number of thoughtful decisions both financial and logistical. It important to ensure that investing on a new home makes sure your long-term finances are not affected. While you decide to buy new property, we advise you to keep in mind certain essential that must be taken into consideration before you have made your call.
What are the necessary considerations for newlyweds planning on buying their first house? How these elements can affect long-term financial stability as a family?
Planning in advance
While planning your first home, you should pay the equal amount of attention to details as you did while planning your wedding. It includes how you want it to look, where you want to reside in future and what kind of neighborhood you are looking for. It is necessary to take your partner’s opinion into consideration to ensure making a common call before you invest.
Keep your priorities set
Modern couples get married only when they are financially stable and capable of taking responsibilities. Some of them already have a property before getting married. In such cases, one should be clear about each other’s priorities. If a large amount of EMI keeps you from enjoying your passion for travelling or family needs, it may not be a wise decision to invest on a new property at all. It is advisable to choose a home based on your lifestyle and needs instead of trying to fit into a new one. You should also keep in mind the uncertainties that may affect your present plans and relook into your investments to avoid disruptions in future.
Plan for the future-not present
Another aspect to consider before investing is whether the property will be appropriate for needs that may arise in future too. As newlyweds one may feel a 2BHK is enough for both of them. However, future decisions of planning a family are a big element many do not consider at all. One mus prepare according to one’s future plans pf having a family and investing on a spacious property instead of settling for one that only fits their budget.
Look past the initial value
Investments may give you good returns in future if bought right. You may be ready to buy another property in future which might be a bigger one or closer to the city and other amenities. It is important to buy your first property such that it can be used as a rental in future and be a revenue generating investment. Consider the long-term value instead of rushing into buying a property by looking past the initial value of it. If you feel the dearth of insight, you may curb it completely.
Plan together for budget
Another very crucial decision is to discuss the budget with your partner before investing on any property. You should also decide about the EMI payments and if that seems to be too high to manage daily finances. Work out a way to divide the EMI payments so that there is a balance between what you want and what you can afford.
Break the rose colored glasses
As a newly married couple, it is quite normal to plan your first home emotionally. However, this is one decision you will regret later. The factors that decide a good investment are location, commute, security, long-term aptness, health facilities and also the cost of renovations. The first home may not be the one you will be staying at forever, but it is important to be suitable for your needs to be living a happy life.
