Congratulations to the future newly weds. I wish you a life full of happiness.
Buying real estate can be an investment, that if you can afford it, will enable you to build equity overtime rather than spend your money on rent. At the end of the day it's about what you want to do (not what others think) and most importantly are you financially ready/qualified?
Here's your basic, general checklist:
(it's all on a case by case so I suggest you schedule meetings with industry professionals in your area)
- have you been in your jobs for a minimum of two years respectively?
- do you have savings that you can put as down payment?
- do you have savings that will enable you to pay at least a couple of months in mortgage if something happens to your job?
- do you know which areas/neighborhoods you like? (most people factor in their lifestyle requirements like commute, family, clubs, gym, ..)
- did you get pre-qualified with a lender? (getting a pre-approval is even better, so see if you can work on that)
NB: Lenders will look at your FICO. job history, your debt to income ratio.
Should you find yourself in the situation where you are not ready financially, then it's ok. Rent a place and keep working on your criteria of eligibility so that, next time you're ready.
However, if you have the lender's "blessing" then your next time is to hire an agent. Since you're "relatively inexperienced with the housing market", having an agent will facilitate the process and the transaction a lot!
Good luck to you two :)