Guide For Married Couple Home Buyers
Looking for a home now that you are married? Here are some pointers for married couples who are preparing to become home buyers for the first time:
- Decide on type of ownership
In the US, married couples are generally considered to be equal owners of any residential property which they buy together. However, there are other options of ownership available as well:
– Single ownership in which one partner holds the title solely.
– Dual ownership in which both partners either hold the title jointly with equal ownership rights or as tenants in common with different percentages of ownership based on the contribution made.
It is a good idea to discuss the pros and cons of every option with a lawyer.
- Find out your credit score
Even if you and your spouse have jobs and a steady inflow of money every month, purchasing a property requires considerable investment. This means that you need to take a loan to buy a new home. To increase your chances of getting a loan, it is important to check the credit score that you have. The interest rate of the loan depends on this score. You can get a credit report done by a reputed company to find out your score.
In case the joint credit score is not high enough, you can wait for sometime and try to improve your score through increased savings, less credit card usage and timely payments of EMIs. In case you do not have the time to wait, the partner with a better credit score can apply for the loan. Getting a pre-approval for a loan from the lender can give you a clear idea as to the amount of loan you can expect.
- Manage your budget
Before investing in a property, you need to keep in mind that the mortgage amount you will need to pay after taking the loan would be greater than the monthly rent that you are paying at present. You need to make changes in your budget accordingly and allocate funds for maintenance costs, property taxes and utility bills.
- Choose the best real estate broker
If you have already selected the location where you want to buy the home, you should make enquiries about the top real estate broker in that area who can help you to find your dream home at the best possible price. It is better to go for exclusive buyer’s brokers and agents to ensure the protection of your interests. You should check the credentials, customer testimonials and type of agency relationship that the brokers or agents offer before settling for an agent whose services suit your requirements.
Keep these points in mind to acquire your first home in a hassle-free manner.
You can call Connecticut Real Estate & Investment for expert guidance related to property investment in Connecticut.
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“A Buyer’s agent represents the interests of the buyer in a real estate transaction. The Buyer’s agent’s responsibilities to the buyer are: undivided loyalty, obedience, diligence, disclosure, confidentiality, accounting, and reasonable skill and care. All duties are fiduciary — they are owed exclusively to the buyer – NOT to the seller.” – CT Dept. of Consumer Protection
A buyer’s agent can work for a traditional agency which can put you at risk. Traditional agencies take listings and promise to get the top price for the seller. If you don’t work with an exclusive Connecticut Real Estate Brokerage that Never takes listings, you will likely end up signing a dual agency agreement.
Connecticut Real Estate is an exclusive Connecticut Real Estate Brokerage. We NEVER have a conflict of interest with representation. Connecticut Real Estate never ever represents the seller. At Connecticut Real Estate & Investment our life doesn’t revolve around trying to get paid by both sides. You can’t promise to get the best deal for both sides in a transaction. Think about divorce attorneys representing both spouses. At our first meeting we promise to do our very best for you and nobody else. Throughout the transaction that never changes. You will never be asked to sign a dual agency agreement.
Hiring a Connecticut exclusive Connecticut Real Estate Broker is the best decision you will make regarding buying a home in Connecticut. When NBC, Kiplinger’s Financial, Woman’s Day Magazine, The New York Times, Real Estate For Dummies & The Learning Channel (TLC) wanted to learn more about buying real estate, they called Steve Schappert and you should too!
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