Decisions To Make Before Starting Your Search With Someone Else

I’ve bought a few homes in my lifetime, and only recently did I realize what a different process it is to buy a home with someone else, especially if you’re going to live there. The good news is that we made it to the settlement table without any major issues and we both love the house. Here’s what I would have discussed and decided on in advance - the goal with all of these questions is to reach a mutual agreement and have clarity on what you are looking for.

1. Budget: Aligning Financial Expectations

When it comes to budget, focus less on the home’s sales price and more on the monthly payments and cash required at settlement. This includes not just the mortgage, but also property taxes, insurance, and potential homeowners association fees.

• How much are you willing to spend upfront and monthly?
• What amount are you comfortable bringing to the settlement table?
• How much of a cushion do you want to maintain in your savings?

By starting with these numbers, you'll have a clearer picture of what price range fits comfortably within your budget.

2. Location: Finding Your Perfect Spot

It’s no secret that location has a huge impact on what kind of home you can afford. A home within your budget in one neighborhood might be entirely out of reach in another. Whether you’re debating between city living and the suburbs, there are a few key questions to align on:

• What areas or neighborhoods do you both like?
• Are you okay with living on or near a busy street?
• How important is noise level, access to public transportation, or proximity to work?
• What does your ideal neighborhood feel like?

Being on the same page about location can save you from wasting time looking at homes that don’t fit both your needs.

3. Space and Size: Planning for Now and the Future

When it comes to space, it’s not just about the number of bedrooms and bathrooms, but also the purpose of each room. This is especially crucial in areas like DC, where space is often limited.

• How many bedrooms and bathrooms do you need?
• List out specific functions for each space. For instance, is a home office non-negotiable? Do you need a dedicated gym space, or is it more of a nice-to-have?
• How much space do you need now, and how much do you anticipate needing in the next 5 years?

If you’re planning to grow your household, or if you need flexible spaces that can evolve with your lifestyle, it’s important to consider this in your search.

4. Condition: Understanding Your Tolerance for Renovations

The condition of a home is another crucial factor that can impact your budget and timeline. Unless you’re buying new construction, almost every home will need some updates within the first year.

• How open are you to buying a home that needs renovations or improvements?
• What is your budget for immediate repairs or upgrades before moving in?
• Do you have the time or energy to take on renovation projects, or would you prefer a move-in-ready home?

By setting expectations around your comfort level with renovations, you can avoid falling in love with a property that requires more work than you're willing to take on.

Ready to Get Started?

The road to homeownership is filled with opportunities, and a little preparation can go a long way in ensuring that the process is smooth and rewarding. At Love Live DC, we’re here to turn your home-buying experience into a journey of discovery and satisfaction. Let’s connect to begin your search with clarity, realistic expectations, and expert support!