If you and your partner recently said “I do,” you may be wondering if it’s the right time to purchase your first home together. As a married couple, we remember how exciting it was to take that step! However, there are a few things you should know before pursuing home ownership. Today, we’re sharing them—plus, a freebie that will guide you through the first-time home-buying process!

First-Time Home-Buying: What to Know

Goals and Lifestyle Preferences

Before opening Zillow or touring houses, have an honest conversation about the kind of life you want to build together. Do you envision yourselves living in the city, the suburbs, or the country? Will this be a starter home or a long-term stay? If you prefer to skip the starter and purchase your “forever home,” you’ll want to ensure your finances are in order first (more on that shortly!).

Another thing to consider is the number of people who will be living in the home. While it may just be you and your partner right now, that might not always be the case! Whether you want children one day or need space for future pets, evaluate your shared goals before buying a home. Additionally, if you work from home, consider looking for a house with a dedicated home office space.

Budget and Financial Compatibility

Before seeking pre-approval for a mortgage, get a clear picture of your full financial situation as a couple. Examine your combined income after taxes and your credit. Then, consider how much you can comfortably spend on a monthly mortgage. Careful—what you prefer to pay may be less than what your bank approves you for! It’s best to examine your monthly expenses holistically before deciding on your limit, rather than taking their recommendation at face value.

Additionally, make a plan for furnishing a down payment. Do you have enough for the percentage you’d like to put down? Or if not, what goalpost would you like to set for having it? Will you pull money from your savings exclusively, or is there gift money from your wedding you can set aside? Knowing where the money is coming from will give you greater peace of mind when it’s time to make a down payment.

Timing and Readiness

Just because you could buy a home right now doesn’t mean you should. Are you planning to stay in your current area for at least the next five years? If not, it probably doesn’t make sense to buy right now. Likewise, if you and your partner are busy building your careers—or simply settling into married life—purchasing a home can wait! There’s no need to add the stresses of long-term decision-making and home repairs to your plate if you aren’t emotionally prepared for them yet.

That said, if you’re ready to embark on the adventure of first-time home-buying, we’re here to guide you through it! We’ve packed our First-Time Home Buyer Guide with checklists, budgeting tools, and newlywed-specific advice to make the process less overwhelming and a lot more fun. Whether you’re already pre-approved or just starting to dream about your future home, this guide is for you. You’ll find interactive spaces to plan together, define your must-haves, and connect with a trusted local agent who understands your journey. Snag your free copy today!