The process of purchasing a home can be extremely stressful. Lenders are going to go through your finances and pull credit reports. Buying a home with your spouse tends to be a bit easier if they have consistent income and a decent credit score. The renovation of a first home purchased together is quite popular as a couple might not have the budget for a turnkey home. Managing this as a couple can be very tough as many couples start their lives out together in debt due to the wedding. The following are tips to manage the purchase and renovation of the home as newlyweds.
Create a Checklist of Features You Need in a Home
Couples are going to disagree about certain features no matter how similar their tastes in homes are. There could be a desire for a pool by one spouse while the other doesn’t want the upkeep and costs a pool create to keep it maintained appropriately. There are going to be compromises and this is a part of any marriage so keep this in mind. You might think one home is great only to find out major features that you both wanted are missing. This will help narrow down the home search which is essential in areas with thousands of homes for sale.
Once You Have Purchased Select Contractors Carefully
Once you have purchased a home that needs some work you need to start picking contractors out for each project that you want complete. Contractors differ in quality and price so keep this in mind. You want to get multiple estimates for the same project as even with the same materials these can differ drastically. You want to make sure that the contractor is licensed and insured in order to limit your personal liability. Take a look at online reviews and pictures of previous projects in order to see the quality of work.
Refinishing Certain Areas
Gutting an entire home only to put in new flooring, sinks, and everything in between will be expensive. There could be a few areas of the home that do not need a renovation but rather some attention. Looking into bathtub refinishing can be wise as the rest of the bathroom can also be refinished. This doesn’t require a plumber which can cost a premium amount hourly unlike a complete bathroom renovation. Floors and counters can also be refinished to give that area of the home a newer look.
Understand Disagreements will Happen
You want to avoid putting yourselves in a terrible financial situation by renovating the home but then lacking funds to pay the mortgage or keep up your current quality of life. Disagreements are going to happen but these tend to happen far more often when there are financial problems. Consider taking on one major project at a time so they can be budgeted and saved for. You do not want to put these on a credit card as this can lead to the renovations costing far more over the course of time.
The feeling of finishing the renovations on your first home together is one that you both will never forget. Take the time to get started creating your home purchase checklist today!