Sally Malsch, CRS, GRI, ABR, SRES, ePRO
Five College REALTORS ģ | 413-519-4465 | sally@sallymalsch.com


Posted by Sally Malsch on 2/7/2018

Newlywed life is such an exciting time! Itís also a time many couples decide to buy their first home together. And therefore aside from having a wedding, itís the first major financial decision couples make together. Hit the ground running together with these tips:

Co-managing money: If they havenít already combined finances before the big day many couples choose to do so after marriage. Learning how to manage money on your own is a task unto itself but managing it together is a vital skill for newlyweds. You can avoid unnecessary fights over money down the road by getting on the same page financially now. Get really honest with each other. Put everything on the table, especially various debts you each may hold, from credit cards to school loans itís all important to get a true snapshot of your combined finances.

Create a budget for your life together. Calculate your combined expenses. Consider where you can cut back on services and habits to save money and what you need to add to your budget. Be sure to consider: savings for a nest egg, vacations, car repairs, and unexpected medical emergencies. You may also want to begin saving up to start a family or plan for retirement. When you have a complete picture of your finances you can then look at whatís left over. What kind of down payment and/or monthly payments will you be able to realistically make with this amount?

Youíll also want to talk to each other about your lifestyle goals. If youíve always dreamed of living in the city or a small tightly-knit town. Perhaps youíve always imagined a large, spacious home while your partner is thinking of something smaller to focus more on traveling. Do you want a garage, a big yard, a pool or to be close to family? Getting clear on what you each expect from your ideal home will help you find the perfect middle ground where you will both be happy.

Itís best to be able to make at least 20% of the house cost for a down payment. The higher the down payment you can make the better as youíll have lower monthly payments and wonít get hit with extra fees from your insurance. If you canít save up this amount, look into first-time buyer loans which allow new buyers to make a smaller down payment.

Be prepared. Remember to plan and budget for closing costs on your home. You donít want this price tag to catch you off guard. Other things to be financially prepared for throughout the year are property taxes, homeownerís insurance as well as maintenance and upkeep.

Being newlyweds is an exciting time where you have the rest of your life together to look forward to. And buying a new home, in a lot of ways, can feel like the first major step in laying down the foundation for a long, happy life together.




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Posted by Sally Malsch on 7/8/2015

You've been thinking about buying your first home and it is a very big decision. It is typically not a decision you make overnight instead you need to take the time prepare yourself. †Here are the basic steps that you should follow when it is time to buy a home.

  1. Ask are you ready? Home ownership is quite different than renting. It is a lot more expensive than renting. You will have added expenses and responsibility. There will be expenses like repairs, added utility costs, such as garbage and water, plus taxes and insurance related to your home. You will want to make sure to†have an emergency fund, before you purchase your first home.
  2. Shop for a loan. Your first step will be to get preapproved. Knowing how much you can afford will help you to look for homes within your price range.
  3. Figure out how much you can afford. Just because you are preapproved for a certain loan doesn't mean you can afford that in the real world. A good rule of thumb is to keep your mortgage along with your taxes and insurance between twenty five and thirty percent of your income. You don't want to be house poor.
  4. Use a real estate professional you can trust. †A good real estate professional will listen to your wants and needs carefully. It is important that you are also educated on the process of buying a home. A good real estate professional will help meet your needs while navigating you through the process and advocating for your best interests.