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What To Consider Before Buying A Home With Your Significant Other

By Jamie Richardson | February 3, 2019

Buying a home and living together with a significant other is a logical step for lots of relationships. It’s an exciting milestone and is something you may have been looking forward to for a long time. While it is exciting, it can also be incredibly stressful and potentially difficult. In fact, many have said it is the most stressful event in their lives.

Also, buying a home with someone else presents it’s own set of challenges and considerations. So before diving into the world of home ownership with your significant other, there are some things you need to ask and consider. These are very important things that need to be covered before an offer is ever sent, and this article is going to look at a few of them.

What are the Non-Negotiables?

When looking for a house with someone else, it can be easy to have an  argument or two. No two people have the exact same tastes, so disagreements are likely to happen. In order to avoid these, or at least keep them to a minimum, you should go over your “non-negotiables”. These are things that you need in a house and aren’t willing to compromise on.

Maybe you need 3 bedrooms, or to be located in a neighborhood with parks. Whatever it is, there are no rules about what can or should appear on a non-negotiables list. You and your significant other need to sit down and come up with a list of things you aren’t flexible on. This will make it much easier to narrow down the list of homes.

What Will Happen in the Case of a Split?

While it is not something you particularly want to think about or talk about, it needs to be considered. What will happen to the house if you and your significant other break up or get a divorce at some point? There is no right or wrong answer here and it will depend on what you decide on and feel is right for your situation.

Options here include selling the home and splitting the value or one person buying out the other to continue living in the home. Of course, there may be a difference in what you choose depending on factors like whose name is on the mortgage, whether you are married or not and many others. Whatever method is chosen, it’s a good idea to visit with some property settlement lawyers to ensure everything is done by the book. This conversation might not be the easiest, but it is indeed necessary and it is better to get this sort of thing figured out ahead of time.

How Much Can You Afford?

Of course, before you agree to buy a home and take out a mortgage you need to know how much you can afford. Thankfully, finding this number out isn’t too hard, as plenty of online mortgages calculators can help you out. Unless you are made of money, you will also need to make some sacrifices in order to afford a mortgage, so it’s a good idea to figure out what you can afford to cut down on.

While you might want a really nice and expensive home, it is important to stay within your price range. Mortgage stress is very common and is often caused by people taking out loans that are too large for their income. This can lead to people making minimum payments frequently, which only increases how expensive your home loan is overall.

In conclusion, we hope that this blog post has been able to give you a few things to consider before diving into the world of home ownership with your significant other.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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