Tips for Buying Your First House with a Partner
Couples in long-term relationships have different obstacles to overcome to make their lives better. The rising costs of rent and economic uncertainties are among the obstacles they must overcome to meet their objectives. These factors push couples to look for the best and practical ways to make their lives easier. Buying a house remains one of the practical ways that unmarried couples opt for. While this is a good idea, it is still important to consider the following tips for buying a house with a partner.
Evaluate Your Relationship and Finances
Buying a house with a partner is a big step in any relationship. An unmarried couple should be sure of the direction they are taking before making such a decision. It will serve their interest to evaluate the relationship before taking further steps in buying a house. It is important to ascertain that your partner can handle hardships and the related obstacles to owning a house. Most couples date for five years, on average, before settling down and deciding on getting married. Within this period, chances of a couple breaking up due to conflicting interests are higher. Finances are among the major causes of breakups. So, before buying your first house with your partner, ensure that you evaluate the relationship to make the right decisions.
Create Separate Must-Have Lists
Couples can disagree on even the smallest of issues. For the relationship to be productive, a couple needs to have many things they can agree on to lower the chances of conflicts. Create a must-have list and compare the things you feel the house should have before engaging in the house buying process. You will find it easier to streamline the process when selecting the right house. The location, the number of rooms, the size of the backyard, and the type of roofing materials are among the many things that should be on the must-have list. You should note that in North America, roof shingles are the commonly used material. This is on about 75% of all houses present. As a couple, you should have a must-have list to create a level ground for the things needed in the house.
Decide Who Is Applying for the Mortgage
You and your partner need to compare mortgage options and determine who is applying for the home loan before the search. This is crucial because buying a house is a commitment that needs everyone on board. You should understand that applying for a mortgage is like separate individuals for unmarried couples. This also means that you should evaluate your financial standing and agree on the best person to apply for the mortgage. You should be keen on personal needs such as rent costs that you are currently handling as they influence your financial preparation.
Decide How You Will Split Costs
If you reached a cohabitation property agreement on the house buying process, you still need to clarify the pending costs within the house. You need to furnish the house and make it hospitable and comfortable. It is important to decide on how you will split the costs and settle the additional house expenses. You should decide if buying a carpet is the right choice and how you will maintain it. On average, a carpet should last up to 15 years. This is after proper care and maintenance efforts. These additional expenses can be costly, and as a couple, you should decide how to split the costs.
Look for a Realtor to Mediate the Process
You need to have a professional who will listen to your dispute as a couple and help find effective ways to bridge the gap. There are also legal requirements that you should meet as an unmarried couple that calls for professional guidance. The experience and intimate knowledge of the market are what you need to streamline the house buying process. Working with a realtor makes it easier to find and buy and your first house with a partner.
Many stressful situations are present in life, and buying your first house with a partner is among the major ones. While you might find it easier to rent and cohabit with a partner, buying a house calls for proper information, guidance, and sane decision-making. Consider the above discussion and employ the highlighted tips to achieve your objectives.