Buying a Home with Your Significant Other: Is It a Good Idea?
Buying a home can be an intimidating process. The comfort of having someone, like a boyfriend or girlfriend, go through the process with you can help put your nerves at ease.
When you purchase a home, you’re spending a significant amount of money and/or taking on a mortgage loan. A mortgage typically has a term of 15 or 30 years and purchasing a home with your significant other means you’ll be paying on the loan long-term - together. Here are some tips!
Sharing a home with your significant other can be exciting and rewarding, especially when you work together to turn it into something uniquely yours. However, the responsibility that comes with homeownership can also strain your relationship. A mortgage is a big commitment, so it’s best to consider all factors, such as staying in line with what you can afford. Create a budget that works for both of you and determine if or how you’ll split expenses. Do this before you sign on the dotted line, to save yourself a potential argument in the future.
Purchasing a home with your significant other is often a different experience than buying a home on your own. Your wants and needs may differ from your boyfriend’s or girlfriend’s. A fenced-in yard may be more important to you than having a pool or vice versa. To avoid a house hunting conflict, sit down with your partner and create a checklist of items you must have and can do without. It’s best to be on the same page to be as efficient as possible.
If you feel your relationship is secure and ready for a big commitment, like buying a home, talk it over with your partner and weigh the pros and cons. While renting may seem like a more viable option, there is a certain freedom and excitement that comes with purchasing a home. No matter which path you choose, always do what’s right for you, your relationship and financial situation. Remember when picking a mortgage, it is a long-term commitment and will continue even if your relationship doesn’t.