For most couples, buying a home is the most significant purchase they will ever make together.  While the prospect of owning a home is an exciting one, it can often seem overwhelming, especially for those who are new to the real estate process. From selecting a neighbourhood to deciding how to use a spare room, navigating the world of home ownership together requires some extra work. However, couples will be thankful they put in the additional time and effort when the “sold” sign is posted on the home of both of their dreams.

For those couples looking to purchase a home, I offer seven simple tips for ‘His and Hers’ home buying that will help to ensure a “harmonious house hunt” without rocking the relationship:

Get pre-approved for a mortgage. There are few things worse than finding the perfect home, only to find out that it costs more than you can afford. Before beginning the house hunt, I recommend getting pre-approved for a mortgage. A pre-approval lets you know where you fall financially while informing the mortgage company that you’re ready to buy. Additionally, being pre-approved for a mortgage can help speed up the closing process once an offer has been accepted. 

Set a budget. Beyond basic income and savings, there are a number of other financial elements to consider before setting a price range for the new home. Once you've decided on a location, you should consider its proximity to your family, jobs and children’s school and then gauge travel costs. The next step is to add up monthly bills, including your car payments, phone bills, insurance costs, groceries, and credit card payments. This total estimated cost of living should be factored into your overall budget.

Get on the same page. Whether it is a quiet neighbourhood or a two-car garage, you both will have your own “must haves” when it comes to the home of your dreams. When looking for a home to share, it is important to discuss each of your essentials before beginning the search. Keep in mind that agreeing on all of the features of a future home will likely be impossible, so be prepared to compromise. Once the list of “must haves” is finalized, I can help you determine if your expectations are realistic given the homes currently on the market.

Allocate additional funds. The down payment on a new home is just one of the significant financial aspects of a move. Even after both your belongings are combined there will likely still be a need to purchase furniture and other items like a washer and dryer which will require additional budget. The last thing you will want to do is start out your life together with nothing in the bank!

Be patient. A recent Coldwell Banker survey found that women are likely to make up their minds faster than men. Almost 70 percent of women surveyed decided the day they walked into the house that it was right for them, while 32 percent of men needed two or more visits. It will likely take multiple trips to the home before both of you decide it is “the one.” If either one of you needs more time, take as much time as you need before making your decision.

Take inventory of everyone’s belongings. Before you move into into your new home together, each person should make a list of the furniture they plan to keep and compare it with your partner’s. There may not be a need (or a place) for three televisions and two kitchen tables in the new house. Consider selling unwanted pieces of furniture online, or holding a garage sale.  The money made is sure to be put to good use on purchases for the new home.

Sign a contract. If you have not yet walked down the aisle, it is important to contact a real estate lawyer before closing on a home. An agreement should be drawn up outlining who is responsible for what expenses and how assets will be divided in the event of a split

With affordability at record levels, the dream of finding the perfect love nest is within reach for most couples these days, especially those first time homebuyers who are just starting out. 

Knowing what you’re getting into before you begin your search is essential. After all, your new home will be more than just four walls and a roof. It will be a place to build a future for your family.

Want more tips on the home-buying process?  Send me your request or comments below.

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Eric Eaton, a Realtor since 1987, specializes in working with clients to help them achieve 
their real estate goals. He has developed a 4 step process that all starts with 1) listening 
to his client to get a clear understanding of their needs, goals, expectations, time 
frame and financial abilities. 2) With that information, he customizes a detailed plan of 
action paying special attention to his clients main concerns. 3) This is all documented in 
his Written Guarantee of Service which comes with an Easy Exit Option to eliminate all 
the risks of using his service. 4) He then let's his clients know up front that he expects 
them to evaluate him and the service they've received, ensuring that he gives them the 
very best...... 100% Satisfaction Guaranteed!!!

Eric Eaton
Sales Representative
Coldwell Banker Case Realty
100 - 55 Town Centre Court
Toronto, ON M1P 4X4

Office: 416-281-2200
Mobile: 416-219-7653
Email: info@EricEaton.com
Website: www.EricEaton.com

P.S. Do you have a question or comment? Please use the form below. I'm looking forward to hearing from you and helping you with your real estate goals and dreams!