On Wedding Bells and Real Estate

My advice to you is get married: if you find a good wife you’ll be happy; if not, you’ll become a philosopher.
~ Socrates

Ah the merry month of June- a fine time for brides and grooms to make their walk down the aisle into wedded bliss, but where will they live after the honeymoon?

The question of whether to buy a home is something to discuss with your husband or wife to be before you sign the marriage license, if at all possible. Much like, “who will run the finances” and “will we have 2.5 children or a goldfish?”, the question of your shared matrimonial residence bears considerable thought.

Much may depend on where you live before your nuptials. If you both reside in apartments or rental homes, transitioning to a shared space, and ownership if this is one of your dreams and goals, will be easier. If one or both of you already owns a property, you may want to consult a Realtor (I know a good one) who can advise you on which property to sell, rent, or move into together.

My personal feeling is that a fresh start, whether in a rental or purchase home, can be a wonderful thing for a married couple. You can decorate and arrange furniture together, rather than “making room” amidst your new spouse’s paraphernalia. Your nest will be a collaborative project, rather than the clearing out of a dresser drawer or bit of closet space for the newcomer. Purchasing a home together can be an exciting first step as a new couple.

So you are engaged, newly married, and not sure what to do next- or maybe you know someone in that position. If you already know a trusted mortgage professional, start there. If you discover your credit needs work, or you need to grow your down payment nest egg, you’ll want to get started right away. If you don’t know a reliable source in the industry, talk to a Realtor. An experienced Realtor can not only advise you on the home purchase process, they can refer you to a mortgage lender who can walk you through the process from initial credit check to final purchase.

A few tips on the home search for Newlyweds:

  1. Write out your wish list together. You may be surprised to learn that He wants a sleek city condo, or She wants a couple of acres in the country. Maybe one of you is ready to live large, while the other wants to start with a small townhome before jumping into a single family home and the accompanying maintenance.
  2. Be prepared to compromise. Maybe you won’t be able to find an incredible finished basement in your first choice neighborhood. Discuss which items are must haves and make sure you each leave the table with a few “wins” under your belt in terms of your wish list.
  3. Talk to a mortgage pro about what you qualify for. And talk to each other about what you can really afford in terms of a monthly house payment.
  4. Find an experienced Realtor to guide you. You’ll want to choose a Realtor who knows your desired neighborhoods, knows how to negotiate, and is a good fit for both you and your spouse.
  5. Be patient. It probably took you more than a few weeks to meet and marry your soul mate- don’t expect to find and close on your dream home in that amount of time. A real estate transaction is a process, not a drive-thru purchase, and it will require time, energy and expert assistance to complete the deal.
  6. Think long term. When it comes to marriage, you are no doubt in it for the long haul. You may view your home purchase the same way, but what if your family grows or your needs change 5, 10, or 15 years down the road? A knowledgeable Realtor will show you options that will be a good investment today, and offer a positive return on your investment in the future.

Whether your next step is down the aisle or just down the street, I’m here to help. Call me for your real estate needs large or small, or just to ask questions. And if you are hearing wedding bells this summer, congratulations and very best wishes on a long and happy union!

Cheers,

Jack Meyers

jackestate@aol.com

303.263.3050

Twitter: @jackestate

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