Discuss These Questions With Your Partner Before Buying A Home
If you are interested in buying one of the homes for sale in Montgomery County, then you are in good company. Over the years the amount of couples who are choosing to buy homes in Montgomery County has maintained its consistency. This is because buying a home is a marvelous investment. In fact, your home is your most valuable physical possession because it is the most expensive item that you will buy in your lifetime. If you are purchasing a home with your partner, you do have to ask some important questions before you commit to making the purchase. The following is a list of some important questions that you want to discuss with your partner before you decide to purchase a home together.
1. How Much Debt Do We Have?
It is important that you and your partner have an open discussion about money. Debt can be problematic when it comes to buying a home. Your home should be a blessing, and you don't want it to become a huge burden. If you and your partner have this chat and you realize that one or both of you have crippling debt, then it would be wise to wait to purchase the home until you get your debt under control.
2. How Much Can We Afford?
You and your partner should be able to put at least 20% down as a payment on your home. Apart from that, your mortgage payment should be less than 30% of your total income monthly. You may be able to qualify for a home that is out of your price range, but that does not mean that you should buy the home. You would benefit from talking to your partner so that you can both be on the same page when it comes to the price of the home.
3. What Size Home Do We Want?
Talk with your partner about the size of a home that you desire before you start looking. If you two are not in agreement about the house size, it could be frustrating when you decided to start looking. You both should agree on the number of rooms and size of the home.
3. How Long Do We Want To Live In The Home?
Do you know how long but you both want to be committed to this home? If it is going to be a starter home and you both only want to live in it for a few years, then you need to take that into consideration when it comes to the location and the price of the home. If you are hoping to make your home a long-term investment, then that will also have a huge impact on the location and the size of your home.
Buying A Home Is A Big Deal
Since purchasing a home is the largest purchase that you will make in your life, if you are purchasing with your partner, it is wise to discuss the previous serious questions before taking the leap. Once you can get those questions out of the way, you will be ready to begin your home buying journey.