Buying a house with a partner remains a very stressful process but it also comes with huge excitement and great hopes for the future. It’s been a practical approach for couples; buying a house together before marriage.
Others want to buy properties with special people in their lives but a common question remains being asked: can friends buy a house together? Can siblings buy a house together? While we think these are possible, we would focus on those couples who want to purchase a home together.
Decide on a budget and find a home loan
The first consideration you have to talk about is how much you can afford and how much you are willing to commit to pay on a monthly basis until the entire loan is fully paid.
Having a budget will also help you a lot for other expenses in your home and for your daily needs. Your new home may be an investment but you don’t have to go broke for it.
Design your dream home together
Designing your dream home together is also a very nice activity you can experience with your partner. You can start by researching online and coming up with your own Pinterest boards for inspiration and moodboard for each room of the house. Then, you can come up with a list of suppliers and shops where you can buy your furniture, accessories, appliances, and other furnishings.
You can also agree on a theme or color palette for the interior design of your future home, decide on the layout, and come up with mini projects that you want to accomplish once you move in. It could be a library, a recreation room, or your personal collections.
House hunting is an exciting part of buying a house with a partner, although it’s also very time-consuming. Make sure you have an idea of what you want that fits the budget you agreed on. This way, you can have a list of options and sites to check out and visit every time you go out.
Also, make a schedule. Give yourself a deadline for when you’d have to choose from your variety of options. The more you look at properties, the more you won’t be able to decide because there will be aspects of each that would call to you.
Make an irresistible offer
Make sure that you offer the fairest price you can to the current owners of the property. If it’s at an auction, remind yourself not to overbid. There will be other auctions on other properties so don’t stress yourself to get your dream home the first time around. Enjoy the experience and learn the ropes so that the next time there is another auction for you to participate in, you’ll have bigger chances of winning.
Prepare for the worst
While we all want to remain positive and hopeful of the future, it does not mean that we don’t have to prepare for any mishaps and be realistic about potential threats to the financial responsibility that we are getting ourselves into.
Avoiding issues in case of a separation or break up
Be open about discussing commitment
It isn’t just about the commitment to you and your relationship; it’s also about the financial commitment to go through with the purchase of a new home regardless if the relationship survives the time it takes to pay off the loan or not.
Talk about an “exit strategy” or a financial plan in case you separate
From the beginning when you both decide to take that huge step of owning a property together, talk about an “exit strategy” too, in case you end up in a separation or a break-up. This is to safeguard both your finances. You can also talk to financial planners so they can advise you of better options that would make the transition a little bit more hassle-free in case you end your relationship.
Avoid making impulsive or emotional decisions
Just like in any relationship, there is no room for emotions when you want to make informed decisions. When you are impulsive and you feel like you are still overwhelmed with emotions and it will have a lot of influence on your decision-making, you’re setting yourself up for future regrets.
As mentioned, buying a home together with your partner is a level up to your relationship, but not without serious responsibilities. Make sure that you are well-protected for whatever the future holds.
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