The Phoenix housing marketing is hotter than ever, but before you take the plunge and put in an offer on that killer deal, listen to my conversation with Asher Cohen from Scottsdale-based BUYAZRE !
Here are some tips from Asher if you are buying a home with your significant other:
Make a list, check it twice: A great way to start the home-buying process together is by making individual lists of everything your ideal home would have. Then split your lists into needs and wants. Compare notes. This exercise will help you prioritize what’s important as a team.
A penny saved is a penny (plus interest) earned: Conventional wisdom used to be that you needed 20% down to buy a home. That’s not the case these days, and with interest rates poised to steadily rise in the coming years, you may be better off buying sooner rather than later. On the other hand, plunking down 20% or more will save you money in the long run. So, start saving now!
Work on your credit together: We wouldn’t be so callous as to suggest that you marry or not marry someone based on their credit rating, but when one partner has lackluster credit, it can really put a drag on a couple’s purchasing power. Lay it all out on the table and make a plan!
Get pre-approved for financing: This piece of advice should be given to homebuyers in any situation, but it’s doubly true for couples. Securing pre-approval from a mortgage lender will give the two of you a clearer picture of what sort of home you can afford.
Don’t spend more than you can afford: This will cause problems at the dinner table and in the bedroom.
Take the emotion out of the budget:Do your best to take emotions out of the equation and look at the facts. Your monthly payments should be no more than 25% of your take-home pay. Veto any home that doesn’t fall within that price range.
Be able to postpone house hunting: If the time isn’t right and it’s too stressful, save yourself the trouble.