First Time Home Buyers
You have finally come to that stage of your relationship when you can make long-term commitments such as buying a house together for the first time. Also, you can both finally afford to buy it. However, your dream of buying a house together with your spouse or significant other can easily turn into a nightmare. Which is why you need to be well-informed, patient, and ready to compromise. So, let’s see what the most common issues are and how to overcome them.
What does each of you expect from the house?
One of the most common problems couples encounter when buying their first house together is having different expectations. When two people have different wishes and priorities, it can be hard to reach an agreement. So, it is a good idea to write down ten things that are important to you, such as the number of rooms, size of the backyard, price range, which neighborhood to choose, etc. You should do this separately (and no peeking!).
After you finish your list, compare it with your partner’s. If you don’t get at least five matches, keep writing. Add ten more features. This way, you’ll see what you have in common and get an idea of what kind of house to look for when you start researching properties for sale.
How to deal with the finances?
People manage their money in different ways. Some have a more relaxed approach, while others are more cautious. If you have been sharing expenses for some time and saving money with your spouse, that is a great start. If that has not been the case, you should start thinking and working as a team. You need to agree whether you want the loan to be in one person’s name or both. Just remember that if the loan is in your name, that may leave your spouse/partner vulnerable, even if you are buying your first house together, and vice versa.
Control your emotions when buying a house
There are many decisions to be made when buying a house together with your spouse for the first time. One of them is whether you should take on a higher mortgage or play it safe. You need to be realistic here instead of letting your emotions decide. If the house payments are too high, your beloved house will start draining you of every penny. We recommend that your monthly payments be under 25% of your take-home pay. Homes that are out of your price range should not be taken into consideration under any circumstances, no matter how much you love it.
Tenants in common or joint ownership – which one if for you?
For those who choose the first option, the percentage of ownership varies depending on how much money each partner contributes. On the other hand, if you opt to be joint tenants, you’ll each own 50% of the property, regardless of how you paid the deposit. By choosing the first option, your share can go to someone else in case of your death. If you prefer joint ownership, the house belongs to the surviving partner in case the other partner dies.
Your Realtor should be the mediator
Finding a good real estate agent who can listen to your housing disputes and be the mediator between you and your husband/wife/partner is something we strongly recommend.T hanks to their experience and knowledge of the market and law, you can make the best decision for your future.
Be prepared to postpone the house hunt if necessary
Making important decisions with your spouse isn’t always easy. And choosing a home is one of the most important ones you will make. It’s not like having to choose the right moving assistance option or furniture for a new bedroom. People can and have broken up over these issues. So, in order to avoid an argument that may have deeper consequences, you should know when to take a break. Postpone the house hunt for a couple of days or weeks and take that time to cool down. Focus on other things and don’t even bring up the subject of house hunting. Your relationship is more important than any property. As long as you love each other, you will be happy in any home.
What happens if the marriage doesn’t work out?
As much as one wants to avoid this scenario, sometimes, it is inevitable. So, what happens with the house you bought together in case your relationship ends?
- You can sell the property to repay the loan you took when you decided to buy a house together with your spouse and move out with the help of smallworldmoving.com.
- If you stay on good terms, you can rent out the house until the real estate market improves, which gives you more time to revaluate everything.
- One partner can give the other partner their part of the deposit back, plus any growth in the value since the house was bought, and keep the house.
Again, no one plans for a breakup to happen, but this is a topic you should not ignore. You need to be prepared for the worst even if your relationship is perfect at the moment. It is important that you discuss the worst-case scenario before buying a house together with your partner and see what your options are. Discuss this topic with a financial planner and a lawyer because their advice is the best kind of advice you can get on this subject.