Buying your first home as a couple can be an incredibly exciting time for you both! Nothing beats the feeling of knowing you can share a space you love together.
At Farr&Farr, we have seen our fair share of couples eagerly starting their journey to get on the property ladder. We love to be able to provide them with an excellent service and find them their dream home that they can cherish.
We often find that there are a lot of elements to purchasing your first home that many first-time buyers don’t know about. That is why we have formulated this brilliant couples guide to buying your first home!
We hope that it will help clear up those grey areas, giving you clarity on your search and helping you be 100% prepared to begin your journey to buying your first home as a couple!
1. Review if you both can be financially committed.
A lot of the time first-time property buyers are restricted with their budget. This should never put you off though, as there are properties out there to suit every budget. What you should be considerate of is whether you can commit financially to the property and whether you are happy to spend money on a particular home.
Having a deposit is great, but there is still the mortgage to pay, bills, fees and any repair work/alterations you would like to make. It is worth making a budget plan, which will allow you both to calculate whether or not you would be able to afford to buy your first home.
It is also important that you both want to put money on the property after all, some mortgages can take 30+ years to pay off. Make sure the property is one that you both love and can visualise living in for a fair while.
2. Decide the details.
There are a variety of ways to buy your first home. Some properties offer shared ownership or shared equity. They may also offer freehold or leasehold. Make sure you both research these terms so that you have a clear understanding of what terms you are buying your property on.
You should also be looking at mortgage rates, finding one that works for you both.
3. Consider what agreement you both would like.
You will be keen to find yourself and your partner a dream home that you both can share. Which is great, and we completely support that! However, we always recommend that as a couple you discuss what kind of agreement you can come to regarding the land registry. You will have the choice of either being Joint Tenants or Tenants in Common.
A Joint Tenancy will mean that both partners jointly own the entire home whereas Tenants in Common would mean that each individual owns their own specified share.
A Tenants in Common agreement works well if there is a difference in the purchase price. Perhaps one of you is putting in 30% whereas the other is putting forward 70%. You will need to sign a Declaration of Trust which will confirm these proportions and declare that as co-owners you both hold the property on trust.
4. Get a solicitor and legal advice.
You must seek legal advice and guidance when you both look into buying your home. There are a lot of documents, agreements and declarations that you will have to go through, and you want to be sure you understand it all.
Agreements such as the Cohabitation Agreement are legally binding and are signed as a deed. This is when you will need an external experienced legal advice provider as you want to be sure that the process is done legally and fairly.
Buying your first home can be a challenge, there is a lot to take in and there may be lots of areas you are unsure about. The process can be completed smoothly with the right advice and of course, the right Estate Agent.
Here at Farr&Farr, we have an expert team who are more than happy to talk with you as you begin your journey as a couple buying your first home. We have a great variety of homes for sale to suit all budgets, lifestyles, wants and needs. We would love to help you on your journey, so why not take a look at what property is for sale or contact us directly today!