Starting Your Homeownership Journey Together: How Couples Can Prepare to Buy Their First Home

November 16, 2023

Download Tango from the app store!

Embarking on the journey of buying your first home as a couple is an exciting and significant step in your relationship! However, it can also be stressful and overwhelming.. To make the process smooth and enjoyable, you and your partner should make sure to have open conversations about it and work closely together through the process. In this article, we'll guide you through the essential steps for couples to prepare for purchasing your first home as a team.

Evaluate Your Combined Financial Situation:
Begin by jointly assessing your financial health. Take a close look at your combined income, expenses, savings, and assets. Understand your credit scores and any outstanding debts. This shared understanding of your financial situation is the foundation of your homebuying journey.

Set Realistic Shared Budget and Savings Goals:
As a couple, create a shared budget that outlines how much you can comfortably allocate to a mortgage payment while covering expenses and achieving any other financial goals you’ve prioritized. Ensure your budget leaves room for unexpected home-related costs and maintenance.

Save for a Down Payment Together:
Saving for a down payment is often one of the most substantial challenges for first-time homebuyers. Research what homes cost in the neighborhood that you want to buy in. Once you know how much you’ll roughly need to spend on a home, set a specific savings goal and create a joint savings account dedicated to your home purchase. 

Work on Improving Your Credit Scores:
As a couple, work together to improve your credit scores by paying down debts, making payments on time, and being mindful of credit utilization. A higher credit score can lead to better mortgage terms.

Research Mortgage Options Collaboratively:
Together, research various mortgage options to determine which one aligns best with your financial situation. Understanding these options will give you a clearer idea of how much home you can afford as a couple.

Find a Reliable Real Estate Agent Together:
Select a real estate agent as a team, focusing on experience in your desired location. A knowledgeable agent can guide both of you through the process, negotiate on your behalf, and help you find the perfect home that suits both of your preferences.

Jointly Start House-Hunting and Define Your Shared Priorities:
Begin your search as a couple and create a list of shared priorities for your first home, including location, size, and specific features. This collaboration will help narrow down your options and ensure you're both satisfied with the final choice.

Get Pre-Approved for a Mortgage Together:
Before making offers, both of you should obtain pre-approval for a mortgage. This demonstrates your seriousness as buyers and provides a clear understanding of your combined budget.

Plan for Closing Costs as a Team:
Beyond the down payment, consider and budget for closing costs, such as inspection and appraisal fees. Discuss and plan for these expenses together.

Stay Patient and Informed as a Couple:
Remember that buying a home is a complex process. It's crucial to remain patient and informed together. Attend homebuyer seminars as a couple, read articles, and ask friends who have gone through it to gain a better understanding of the home-buying process.

Purchasing your first home as a couple is an incredible journey that can strengthen your bond. By working together to evaluate your financial situation, set shared goals, and plan for the future, you'll be better prepared for the exciting adventure of homeownership. This collaborative approach ensures that you're both on the same page, and will turn buying your first home into something that brings you closer together!

Download Tango from the app store!

Read our most recent article

Is a Financial Therapist Right for Your Relationship?

Explore the benefits of seeking a financial therapist for your relationship. Learn more about financial therapy on our blog!