Points To Look Out For While Zeroing On Your Dream House before Your Wedding
Mar 28, 2017 Home Trading Steps
While one may have best of everything from the most expensive diamond for your beloved to the best of the wedding plans. But after tying the knot and getting over everything the most important thing is completing your family which means having your own house of dream. As it’s the biggest lifetime assets for a person it’s necessary to take all the decisions carefully.
So here are listed some tips to look out for while zeroing on your dream house before your wedding.
Clear goals and open discussion
It’s necessary that couple has clear goals and openly talk about their incomes and expenses which further helps to set and divide the responsibilities accordingly. When such things are discussed openly you can come to an easy conclusion about the earnings, expenses, savings to be made, installment amount, the ratio of dividing the installments etc.
Payment plans
It’s necessary for the couple to talk and discuss their finances because it’s not necessary that both the partner may have the same income. So the expenses need to divide in the ratio as per your earnings. Let’s say if the husband earns 60 percent of the share and wife earns 40 percent of the share than the expenses should be divided in that ratio and so is with the installments of home loan. Be fair with the joint budgets so that there are no later on fights due to small things.
Ownership options
It’s necessary to discuss the legality of title and ownership of house even before you purchase a property so keep the things clear like on whose name will the house be or will it be owned jointly. it’s crucial that these things are made clear enough in the very beginning to avoid the future disputes. All the tax consideration and tax benefits should be considered in the very beginning so that you are well prepared and aware of it.
Legal agreement
Get a legal agreement made as it’s easy for you to stand in the court of law if anything goes wrong. So if both the partners are legally bound by an agreement then it gives a protection shield for their rights and it becomes easy to worth the property and their fair share in the property. So it’s necessary for both the partners to be secured by legally getting an agreement made.
Clear pending debts.
It’s necessary for a person to be free of previous pending debts as getting rid of such debt Helps to make a strong credit report which further helps to get an easy sanction of home loan. Make decisions regarding who have to pay what debts and in what proportion one needs to pay the debt.
Make emergency reserve
It’s really important that you make an emergency fund as you may never know what emergency may knock your door. Such reserves come as a savior to meet your urgent requirements. At least the couple should create a reserve which could meet their four to six months of requirements. Keep removing money for such reserve every month thinking as a part of your bill till the time you achieve your target amount though it may pinch your pocket but it’s of utmost importance.
Making a house of your dream may not be possible without your life partner so always have a good understanding and plan the things well in advance so there are no future problems.
So here are listed some tips to look out for while zeroing on your dream house before your wedding.
Clear goals and open discussion
It’s necessary that couple has clear goals and openly talk about their incomes and expenses which further helps to set and divide the responsibilities accordingly. When such things are discussed openly you can come to an easy conclusion about the earnings, expenses, savings to be made, installment amount, the ratio of dividing the installments etc.
Payment plans
It’s necessary for the couple to talk and discuss their finances because it’s not necessary that both the partner may have the same income. So the expenses need to divide in the ratio as per your earnings. Let’s say if the husband earns 60 percent of the share and wife earns 40 percent of the share than the expenses should be divided in that ratio and so is with the installments of home loan. Be fair with the joint budgets so that there are no later on fights due to small things.
Ownership options
It’s necessary to discuss the legality of title and ownership of house even before you purchase a property so keep the things clear like on whose name will the house be or will it be owned jointly. it’s crucial that these things are made clear enough in the very beginning to avoid the future disputes. All the tax consideration and tax benefits should be considered in the very beginning so that you are well prepared and aware of it.
Legal agreement
Get a legal agreement made as it’s easy for you to stand in the court of law if anything goes wrong. So if both the partners are legally bound by an agreement then it gives a protection shield for their rights and it becomes easy to worth the property and their fair share in the property. So it’s necessary for both the partners to be secured by legally getting an agreement made.
Clear pending debts.
It’s necessary for a person to be free of previous pending debts as getting rid of such debt Helps to make a strong credit report which further helps to get an easy sanction of home loan. Make decisions regarding who have to pay what debts and in what proportion one needs to pay the debt.
Make emergency reserve
It’s really important that you make an emergency fund as you may never know what emergency may knock your door. Such reserves come as a savior to meet your urgent requirements. At least the couple should create a reserve which could meet their four to six months of requirements. Keep removing money for such reserve every month thinking as a part of your bill till the time you achieve your target amount though it may pinch your pocket but it’s of utmost importance.
Making a house of your dream may not be possible without your life partner so always have a good understanding and plan the things well in advance so there are no future problems.
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