I Just Got Engaged, Now What?

I Just Got Engaged, Now What?

Congratulations! Getting engaged is an exciting milestone, marking the beginning of a new journey! One of the biggest questions newly engaged couples face is, “What’s next?” Beyond planning the wedding, one of the most significant decisions you’ll make together is where you will live. Deciding on a home is not only a financial decision but also an emotional one, as it will be the foundation where you build your future together.

Choosing whether to buy or rent your first home together can feel overwhelming, but with proper planning and consideration, you can make the best decision for your future. Here are some key factors to help guide you through this important process and set you on the right path toward homeownership or finding the perfect rental.

1.) Decide: Buy or Rent?

Your first step is deciding whether buying or renting a home is the best option for your current situation. This decision should be based on multiple factors, including your short-term and long-term plans, financial health, and the current real estate market conditions. Take the time to assess your lifestyle and future goals to determine the best path forward.

• BUYING PROS:

-Builds Equity and Wealth

-Stability and Long-Term Investment

-Potential Tax Benefits and Financial Advantages

• BUYING CONS:

-Higher Upfront Costs (Down Payment/Closing Costs/etc.)

-Maintenance Responsibilities

-Less Flexibility to Move Compared to Renting

• RENTING PROS:

-Flexibility to Move as Needed

-Lower Upfront Costs

-Fewer Maintenance Responsibilities

• RENTING CONS:

-No Equity or Investment Return

-Rent Can Increase Over Time

-Less Control Over the Property, Lease Restrictions

2.) Financial Prep

Regardless of whether you choose to buy or rent, financial preparation is key. Being financially prepared will give you confidence as you embark on this journey together.

• Create a Budget: Consider both incomes, monthly expenses, and saving goals. Determine what you can comfortably afford while maintaining a healthy financial balance.
• Check Your Credit Scores: A good credit score is crucial for securing better loan options and lower interest rates. If needed, look into programs to improve your credit score before applying for a mortgage.
• Get Pre-Approved: If buying a home, consult with a lender to get pre-approved for a mortgage. This will help you understand your borrowing power and show sellers that you’re a serious buyer. Contact a trusted Realtor for recommendations!
• Save for Upfront Costs: Set aside funds for your Down Payment and Closing Costs if purchasing a home. Additionally factor in moving expenses and potential home improvement costs.

3.) Prioritize Your Needs and Wants

Before you start house hunting, take time to define what’s most important to the both of you in a home. Creating a list of must-haves versus nice-to-haves can help narrow your search.

• Location Matters: Think about workplaces, family, friends, schools, shopping centers, etc. Find which are most important to be closest to when deciding on where to live.
• Size and Layout: Determine the number of bedrooms, bathrooms, storage spaces needed, etc. Consider your current lifestyle and any potential future changes, such as family growth.
• Must Have Amenities: Features like a garage, updated kitchen, backyard, home office, or an in-law suite can be important factors in your decision making. Determine which features are non-negotiable.
• Think Long-Term: Consider your future together; career plans, family goals, potential relocations. Will this home fit your lifestyle in 5+ years?

4.) Research and Start the Search

Once you know what you’re looking for, it’s time to start researching and exploring options!

• For Buyers: If you are planning on buying a home, study the market trends for the area, interest rates, and potential resale value.
• For Renters: If you are planning on renting a home, carefully review lease terms. Go over the length of the lease, fees involved, and maintenance responsibilities.

5.) Contact a Realtor (Me!)

Navigating a new engagement and house hunting at the same time can feel overwhelming, but you don’t have to do it alone. Working with a knowledgeable Realtor who understands your unique situation can help streamline the process, making it stress-free and enjoyable. A Realtor can provide valuable insights, help you find properties that fit your criteria, negotiate deals, and guide you through every step of the process. If you’re ready to take the next step in your home search, reach out to me today! Let’s find the perfect place for your new chapter to start!

As always, if you have questions about the Real Estate Market, or are curious about your home’s value, reach out to me today and let’s start that conversation!

Liberty Shumake

214.773.6675

libertyshumake@judgefite.com