Should I buy a home before getting married or not?

Are you tired of hearing the same old "get married and then buy a house" narrative? Well, guess what? You don't have to follow the traditional path. In fact, buying a home before tying the knot might be the smartest move you'll ever make. But, as with everything in life, there are pros and cons to consider. So, let's take a closer look. Pros of Buying a Home Before Marriage Financial Benefits One of the biggest advantages of buying a home before getting married is the financial benefits. You'll have the opportunity to build equity and start building wealth together. And, let's face it, who doesn't want to be a homeowner? Owning a home can also be a great tax write-off, which can save you thousands of dollars each year. Sense of Independence Buying a home before getting married gives you a sense of independence that you won't get if you're renting or living with family. You'll have the freedom to decorate and renovate your home as you see fit, without having to consult with anyone else. Plus, you'll have your own space to call your own. Investment Opportunity Buying a home is one of the best investments you can make. And, if you do it before getting married, you'll have the opportunity to invest in a property that has the potential to increase in value over time. You can also rent out a portion of your home to bring in extra income. Cons of Buying a Home Before Marriage Financial Risk While there are financial benefits to buying a home before getting married, there are also financial risks. If the relationship doesn't work out, you'll be stuck with the house and the mortgage payments. And, if you can't afford to make those payments on your own, you could be facing foreclosure. Legal Complications When you buy a home with someone you're not married to, there can be legal complications if the relationship ends. You'll need to work out who gets the house and how much each person is entitled to. This can be a long and complicated process, especially if you don't have a prenuptial agreement in place. Lack of Commitment Buying a home before getting married can also be seen as a lack of commitment. Some people might see it as a way to test the waters before tying the knot. And, if one person is not fully committed to the relationship, it could lead to problems down the road. In conclusion, buying a home before getting married has its pros and cons. It's important to weigh the risks and benefits before making a decision. If you're financially stable and committed to the relationship, it could be a smart move. But, if you're not ready for the commitment, it might be best to wait until you're ready to tie the knot. Whatever you decide, make sure it's the right decision for you and your partner.   About the author- Kelly Corsino is an entrepreneur who has launched severalsuccessful companies and is a full time Realtor living her best life byhelping others live theirs! She and her dog GG The Wonderdog reside in Long Beach CA.  

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Buyers: You May Face Less Competition as Bidding Wars Ease

Real Estate with Kelly Corsino   Buyers: You May Face Less Competition as Bidding Wars Ease One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way. Read the Full Post What’s Actually Happening with Home Prices Today? One of the biggest questions people are asking right now is: what’s happening with home prices? There are headlines about ongoing price appreciation, but at the same time, some sellers are reducing the price of their homes. That can feel confusing and makes it more difficult to get a clear picture. Read the Full Post   A Trusted Real Estate Advisor Provides Expert Advice If you’re a homeowner or are planning to become one soon, you’re probably looking for clear information about today’s housing market. And if you’ve turned to the news or even just read headlines recently, you might feel like you’re left with more questions than answers. The best way to make sure you get what you need is to work with an expert. Read the Full Post What Does a Recession Mean for the Housing Market? [INFOGRAPHIC] If you’re wondering what a potential recession could mean for the housing market, here’s what history tells us. View the Infographic   What Would a Recession Mean for the Housing Market? [INFOGRAPHIC] If you’re wondering what a potential recession could mean for the housing market, here’s what history tells us. View the Infographic Thinking of selling? Download my free eGuide covering the things to consider when selling your house. Download Now Thinking of buying? Download my free eGuide covering the things to consider when buying a home. Download Now   Kelly Corsino Coastal Living By Kelly (714) 227-0712 coastallivingbykelly.com/  

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What are the first five things to do before you buy a home?

What are the first five things to do before you buy a home? 1. Your credit score – This number is super important, it’s not just about having the high number it’s also about your debt to income ratio. All lenders are going to look at your profile before lending you money for a home so in order to get the best possible home loan you want to speak to a qualified loan representative to make sure you know the whole picture. That may mean you need to do a little cleanup on your credit score and they can usually point you in the right direction of how to go about doing that. 2. The same lender who just helped point you in the right direction and gave you a picture of what your loan could look like, will most likely be the same person you will get your pre-approval from. You don’t want to be out there looking for your dream home without it, you want to make sure if you find that dream home you are ready to strike and put in that offer. You don’t want to be waiting to get that loan approval! In these covid times we oftentimes can’t even tour a home without a pre-approval letter because nobody wants people tromping around their house in the middle of a pandemic unless they know they are a serious buyer. 3. Work with a professional realtor, we really are worth our weight in gold. I am not tooting my own horn, I am talking about a lot of my fellow colleagues in this profession. We really care about being your advocate! Pick someone you enjoy spending a little bit of time with because chances are you’re going to be spending quite a bit of time with them. If you like their personality and you feel secure that they know what the heck they’re talking about, that might be a good fit. Also if you’re a seller please for heaven’s sake do not sell your home without a realtor. Contracts, disclosures omissions and error insurance – too many landmines so please enlist the help of an agent. 4. Anticipate the real cost of owning the home you just fell in love with. Here are some things to consider in addition to your mortgage payment: Property Taxes Homeowners Insurance Maintenance of the House These are things to look at so when you’re working with your realtor. Make sure they give you a net sheet so that you can see what all those numbers add up. You want to be certain that the house actually makes sense for you. 5. Be realistic – Some homes are so beautiful but sometimes they’re out of your price range or they’re not in the right neighborhood. Oftentimes people come to the market looking for a home in a particular neighborhood for various reasons. Maybe your kids are going to need to go to school or your family is located nearby or you have an aging parent that you’re going to need to take care of. There are a lot of factors involved in this decision so I would say always start with location first and then move on to the style of the home. Obviously you want a home design that you feel good about but don’t get hung up on little things. If you don’t like the carpet it can be replaced, hardwood floors can be refinished, walls can be painted, and walls can even be knocked out. Make a list of must-haves versus wants. The must-haves should definitely begin with the location. 6. The bonus round – This is a big one! Do not make any major financial changes when you’re in the middle of a real estate transaction! Scenario: Let’s say you have taken your pre-approval from the bank and gone out shopping and found your dream home. Let’s say your offer has been accepted (that alone is huge in a seller’s market like this one we’re in now). You begin to think about all of the things you’ll be needing: a fridge, a washer and a dryer, maybe some new furniture! You go shopping and they offer you a zero apr credit line so you apply for that credit. Well guess what happens? Your loan company for your new dream home gets a little worried about all this spending you’re doing…They decide to reconsider your home loan and either you now, no longer qualify, or your rate is going to go up! To be safe, if you are getting a home loan, wait until the close of escrow before making ANY major financial moves and that includes a JOB CHANGE. If you want to know more about how to get your offer accepted, feel free to reach! About the author- Kelly Corsino is an entrepreneur who has launched several successful companies and is a full time Realtor living her best life by helping others live theirs! She and her dog GG The Wonderdog reside in Long Beach CA.Life@CoastalLivingByKelly.com(714) 227-0712DRE01704102ΓEA⅃ Broker

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