On May 27, 2014, Anne Miller of realtor.com published an article titled " How Couples Can Buy a First Home Without Coming Unhitched" I found it interesting, so I decided to pass on the information. Her article states in part:
A home purchase can be one of the biggest decisions a couple makes, aside from getting married and having kids. You two will have to make a lot of choices, and differences will crop up. Learning to prioritize will help keep the home waters calm while you make this investment in your future. Here’s what to think about:
What You Want: She wants outdoor space for cookouts, he needs a quiet home office. Start your lists before looking and you will save precious time.
What You Don’t Want: Look around your current digs. What drives you nuts? Figuring out your biggest current peeves can identify your priorities.
Wants vs. Needs: The home office may be a deal breaker but is the cookout space really needed? Finding the perfect home with every tiny detail you both long for may be a fantasy. Take another look at that want list and decide what you can compromise on?
Budget: You will need to save for a down payment. Plus, you will have to factor in taxes, utilities and upkeep, not to mention new furnishings. What can you afford? How much debt are each of you comfortable with holding? How much are you willing to compromise on your bottom line? You two might have different answers. Better to reach an agreement now than face a surprising disagreement in the middle of negotiations with a seller. Or, even worse, surprises after you buy that you can’t afford.
Be realistic: The five-bedroom stunner in the best school district in town might bust your budget, but your hypothetical future children makes it a good investment, right? Not so fast. Those kids could still be years away, but your finances, and the time it takes to keep up such a large house are daily realities right now. A home investment for the future does not mean mortgaging the present, and you may not be able to predict what you will really need five or 10 years down the road.
Prepare to compromise: With your spouse, and with some aspect of your new home, be ready to give in to other perspectives and realities. Most of us have limits, and being able to find the perfect house in the perfect neighborhood for the ideal price might prove unrealistic. Understanding that you will likely need to compromise
Once you decide to purchase a home, Bradford Miller Law, P.C. can help you with your transaction at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. Please feel free to visit our website for information about our firm and information about buying a home. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
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