Posted on Nov 29th, 2011 in Home Buying
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Whether you’re newlyweds, best friends or relatives, sharing a home purchase requires some extra work. From selecting a neighborhood to deciding how to use a spare room, navigating the world of homeownership in tandem must be done with compromise in mind.
While the idea of owning a home is very exciting, it can often seem overwhelming, especially for those who are new to the real estate process. Your Realtor can help by being that outside, third party who can direct you through the process of making the right decision.
When making a collaborative purchase, remember to:
- Set a budget. Beyond basic income and the funds available for the down payment, there are a number of other financial elements to consider before setting a price range for the new home. Your lender will assess your debt, credit rating and other factors in getting you pre-approved. Let them assist you in breaking down your mortgage budget.
- Get on the same page. Whether it is a quiet neighborhood or a big kitchen, everyone has their own “must haves” when it comes to the home of their dreams. Discuss the essentials before beginning the search. Be prepared to compromise.
- Allocate additional funds. The down payment on a new home is just one of many financial aspects of a move. Even after everyone’s belongings are combined there are likely to be other necessary purchases to “dress” the home. Discuss a budget and how these purchases will be financed beforehand
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