One moment you’re moving in together and the next, you’re getting ready to buy your very own home! Whether you’re feeling more anxious or excited for this venture, there are some things you should know before buying a house with your partner. From agreeing on a budget to making compromises, finding your dream home can be an equally complex and rewarding journey.
In this post, we’ll simplify the process by sharing some tips to make buying a house with your S.O. as seamless a process as possible.
1. Consider your relationship’s current status
If moving in together has gone smoothly for the two of you, it might make sense to take the plunge into homeownership. But before you move forward, it’s important for both parties to consider the legal and financial obligations associated with this step. Whether or not the two of you have tied the knot, investing in real estate can intertwine your finances and responsibilities more than you could have imagined.
Making sure you’re in a good place with your relationship is an essential step to take before making the next move! Additionally, it’s a wise idea to iron out any issues you’ve had in your current living situation before you’re legally bound to each other and a mortgage. Does she take up too many drawers in the dresser? Is he overly meticulous about the kitchen cabinets? Do they always forget to unload the dishwasher? Being upfront and discussing these seemingly small things can help you avoid bigger issues later on.
2. Fortify your finances
Becoming homeowners isn’t just a big move for your relationship, it’s also a serious financial step to take! Before you even start looking for property, talking about budget should be among your top priorities. Does each partner have a strong credit score? Have you saved enough money up for a solid down payment? It’s important to figure out these things first as they can influence your mortgage and financing opportunities.
Additionally, you may want to compare your financial profiles to see if one of you is a better fit for a loan than the other. For example, veterans and active-duty military can qualify for CalVet loans which can save a lot of money on interest when compared to standard loans.
3. Look at your long-term goals
Another major aspect to consider is your long-term goals as partners and individuals. Do you both intend to stay in the city you’re currently located in, or do you see yourselves exploring other LGBT-friendly cities at some point? It’s best to have these conversations ahead of time.
In addition to location, you should also discuss your financial goals. Owning a house can be a great investment if you list it as a vacation rental, make a profit when you sell, or live there long-term, but certain circumstances can hurt the integrity and profitability of your investment.
4. Set boundaries and expectations
Living together is an adjustment for all couples but owning a house together can be even more complicated! From choosing paint colors to redesigning and picking out furniture, there are plenty of discussions and decisions to be had. Before embarking on this journey with your S.O., try to set some boundaries and expectations to keep your relationship thriving!
Here are a few things that are important to cover:
- Desired neighborhood
- Design scheme
- Household responsibilities (how do you divvy them up?)
- Spending time together and spending time apart (both are important!)
5. Embrace the process
It’s really, really easy to get wrapped up in the house-hunting game and give into the stressful parts of the process, but it’s important to remember what a special time this is! For one, you’re taking your relationship to incredible new heights, and you’re also getting to build a shared space together from the ground up. Make it a point to embrace the process and enjoy those special moments.
As you get ready to start this exciting adventure, just keep these five tips in mind and you’ll be enjoying your new love nest sooner than you think! What things will you be most excited for as a new homeowner? Share with us in the comment section below.