‘I Do!’

You’ve created a union, established a new identity as a married person, gained an income, and now you’re ready to start a new life with your spouse. During this time, two households merge to become one. If you both are renting, then you can really see the value in buying a new home for sale in Alexandria VA. With two incomes, your purchasing power has increased, and larger homes are now within your reach.

A common dilemma is should you spend your money on a lavish wedding, or for a new home. The best answer is to use a budget. Allocate certain dollars for the wedding, and other dollars for the new home, and stick to your budget. The majority of the wedding dollars go to the reception, so trimming your guest list is a good way to make sure that you don’t overspend. Also, have guests contribute to your down payment in lieu of gifts.

If both of you already own homes separately, consider keeping one of the homes as an income property. It could be worthwhile to take advantage of selling one home to avoid capital gains tax, and netting a sizable amount for a tax free down payment.

This is a great time to see a financial planner. Make sure you have a clear understanding of each other’s debts and financial obligations. And most importantly, prepare a financial plan together. If children are in your future, discuss the possibility of living on one income and also childcare. When applying for your mortgage, lenders do not consider child care as a debt, so factor this into your monthly expenses. Establish a pattern of saving, and start adding real estate to your investment portfolio.

As a top Alexandria Virginia real estate agent specializing in Old Town, Del Ray, Kingstowne, and Manchetser Lakes homes for sale, I help couples by listening to their needs and goals, and recommending a strategy that will enable them to maximize the return on their real estate invesment. If your budget includes condos, townhomes, single-family homes, new construction, luxury, or waterfront homes for sale in Alexandria VA, then use our website to search the MLS for home listings, and we'll help you start your new life in a new home.