A home purchase requires a down payment, and that amount of money might be similar to the cost of wedding ring. So what do you choose?
According to a recent survey from ERA Real Estate, nearly 50 percent of women said they would prefer putting the money for a big engagement ring toward a down payment on a home. At the same time, 60 percent of respondents said they would skip a honeymoon to put that money toward a down payment.
Furthermore, 89 percent of the 1,000 people surveyed - who were in committed relationships - said that the homebuying process strengthened their relationship.
"Buying a home is a major decision for a couple and one that can reveal a lot about a partner, especially in today's market where the home-buying process has become even more complex," said Charlie Young, president and CEO of ERA Real Estate. "Our findings suggest that homeownership is an increasingly important part of a relationship, especially among the first-time homebuyer generation who are investing in their future."
Additional findings from the survey revealed that location was the easiest thing to agree on, as cited by 73 percent of the respondents. Location was easier to choose than price, home size and how long the couple wanted to own the home. However, the most difficult part of moving in together was deciding what things to keep, beating out finances, decorating and paperwork. As for aspects of the location of the home, the safety of neighborhood was the most important, followed by the proximity to work and the quality of schools.
Don't forget the home inspection
Those who are buying a home are encouraged to get an inspection. This enables them to anticipate any issues with the home before they buy. And while it might not be the deciding factor for a home purchase, it does clue them in on things they need to be aware of, allowing them to make a more informed decision.
A professional home inspection requires a certain amount of expertise. While a buyer might feel comfortable with a home after they have toured it, an inspection will provide a full analysis, including an assessment of things like the foundation or major systems in the home. Choosing a reputable home inspection company is critical to getting the most out of an assessment, so buyers should be sure to choose wisely.