Are you getting married?
If the answer is yes, then congratulations!
Getting married is a serious commitment - a little bit like buying property.
And while you and your soon-to-be spouse may have already made some big financial decisions together, you may not have made that big and serious commitment of joint property ownership.
If you haven’t bought property together, as soon-to-be newlyweds, you are probably starting to think about purchasing that dream family home - a place where you can kick-start this new chapter of your lives.
Buying property - a little bit like planning a wedding - can be very stressful. Thankfully, with our help, it doesn’t have to be.
At Mortgage Choice, we can help make the whole process of buying and financing a home as smooth and seamless as possible. We do all of the legwork for you so that don’t have to worry. And when you are in the midst of planning a wedding, who needs extra things to worry about?
But before we can help you finance your new family home, there are a few steps you and your partner need to take, including:
Step 1: Communicate
Before you can buy a property, you and your partner need to get to know each others’ finances intimately. Discuss your income and savings as well as any debts and liabilities you have. Do you have enough saved for a property deposit? If the answer is no, then maybe think about setting up a separate bank account that you will feed purely your ‘property savings’ into.
Step 2: Consider your property options
When it comes time to choosing a property, you will need to consider a number of things. For example, what do you intend to use the property for? Will you live in it, or do you plan to keep it as an investment? The type of property you purchase will vary greatly depending on how you answer those questions.
Whether you plan to live in the property or not, you need to have a long-term mindset. When it comes to buying property, success isn’t measured by when you buy or when you sell, it’s measured by how long you have it for. If you are planning to live in the property ask yourselves: where do we want to live as a married couple? Do we need to be close to work? Will we have children? If so, should we look for a property that is in a good school district?
Step 3: Consider worst case scenarios
The start of a marriage is romantic and exciting, but unfortunately no-one knows exactly what the future may hold. For this reason, it’s important you approach all your financial decisions with a practical and pragmatic mindset. Getting legal advice from a third party before buying a home will ensure both you and your partner are on the same page about everything. Consider drawing up an agreement when purchasing your property that outlines what would happen in the event of a divorce.
Step 4: Seek advice
Once you are ready to buy, seek out the expertise of a professional you can trust. That’s where we come in. Not only can we help you find and finance your new home, but we can also (through our network of financial advisers) ensure the insurance needs of you and your partner are all looked after. While it isn’t nice to think about ‘what if’ scenarios, it is important. Planning for worst case scenarios will ensure you and your partner have all your ducks in a row if the worst does come to pass.
At Mortgage Choice, we have a team of financial advisers and mortgage professionals who can help you at any stage of life. So what are you waiting for? Give us a call today. We can help you achieve your property and finance aspirations so that you can get on with the important business of planning your dream day!