Whether just married or planning a life together after an engagement, couples often dream of a house as their first major purchase.  This may be a first-time experience for one or both of them — and it is also likely one of the most expensive purchases they will ever make. 

Just as in any other home purchase, there will be a lot of preparing, searching, and strategizing, but couples have some unique questions to consider when deciding on such a major purchase. 

Wise decisions about finances and lifestyle are equally important. Here are some of the special considerations for couples to make the right moves toward making a house their first major purchase.

What are the Couple’s Priorities?

A house is a bigger purchase than a dishwasher or even a car and comes with greater consequences if it’s the wrong fit, so being quite sure of one’s priorities is of the utmost importance. No one wants to be stuck in a home they don’t love for years — or even decades!  

Therefore, the first step in shopping for a home is to be honest and determine priorities. These are aspects like size and design, but also the neighborhood, commute time, and school ratings. 

For example, couples expecting a big family will want a larger home with lots of rooms and gathering space, while others may prioritize differently. 

Statistics of crime, schools and other lifestyle analyses are always important for re-sale value but will be of particular importance for couples starting families who may have children attending those schools and playing in the parks. 

Some people must live in a neighborhood with short commutes to great jobs. Others are looking for areas with low property taxes. Still others are most interested in eco-conscious homes with solar energy or enough yard space for a self-sufficient garden. Regardless of the priorities, couples must narrow their search accordingly.

How Will the Couple Find a Home to Buy as their First Major Purchase?

Using the internet is a great way to start the home search, but it can be overwhelming. Engaging the services of a trusted real estate professional can help the process go more smoothly.  In addition to showings and neighborhood demographics, realtors have specific knowledge — and usually live near the area themselves — sharing firsthand information that can help couples make the best decision for their future.  

Of equal importance, real estate agents can also discover legal concerns that couples might not know, or think to to find out for themselves. This includes tax liens or other issues that could complicate the sale of a home and create headaches down the line.

Can a Couple Afford to Buy? 

Unless the couple has the savings to buy a home with cash, they are more than likely going to be taking out a mortgage loan to finance their purchase. But even with a mortgage, the couple will need to be able to come up with  a down payment. Conventional wisdom says to plan on a down payment of about 20%.

And don’t forget to also factor in insurance, closing costs, and — if the loan is a subprime loan — balloon payments as well.

The couple’s income and credit will affect their finance and purchasing options.  Couples will need to take an honest look at their savings, salaries, and credit history to see determine their true purchasing power, and these can be tough conversations. 

Student loan debt, high credit card payments, and other monthly obligations can make one or both partners less attractive for mortgage lending.

Should one or both spouses be on the mortgage and title?

Buying a home together can mean sharing in the responsibilities of selecting and paying for the home, but that doesn’t mean both of them have to be on the mortgage. (Although keep in mind that the name on the mortgage will be the one ultimately responsible for payment.)

Sometimes it makes sense. More income increases your maximum loan amount, so couples applying for a mortgage jointly can often afford larger and more expensive homes than single applicants. But other times, having both spouses on a home loan application causes mortgage problems. For example, one spouse’s low credit score could make it harder to qualify or raise the interest rate. 

Depending on the couple’s priorities and ultimate goals, both financially and also in the partnership of their relationship, they may need to discuss whether owning jointly or putting the home in the name of one or the other of them makes the most sense.

Buying a home will likely be one of the biggest purchases that a couple ever undertakes together, and it doesn’t need to be rushed. It can be emotional, scary, and expensive. But it can also be highly rewarding. 

Just as in a relationship, purchasing a home is a big commitment that works best with clear priories and good, honest communication.