Many unmarried couples want to buy a house together, but they worry they’re not ready. According to the National Association of Realtors, in 2016, unmarried couples made up nine percent of homebuyers.
While buying a house with your partner can feel like an exciting new chapter, it’s essential to explore all factors before you go through with the purchase.
Here are four crucial things unmarried couples should consider before buying a home together.
1. Do You Have Separate Bank Accounts?
If you and your partner are on the same page when it comes to saving and managing money, then you’ve already taken the first step toward being a ready couple.
An excellent way to tell if you and your partner are on the same page financially is to see if you both have separate bank accounts. If you don’t share an account, you both better be prepared to have a checking account for home purchases.
Having separate accounts is a great way to make sure you’re both working toward the same goal when it comes to home purchases. It also shows that you’re both responsible and organized.
2. Do You Have the Same Attitude about Homeownership?
Before you buy a home, you should know how your partner feels about the responsibility of homeownership. Will your partner be upset that you mow the lawn every week? How will your partner react when the temperature drops below zero and you have to shovel the driveway?
The first step to understanding how your partner feels about homeownership is to start a conversation with them. Ask them how they feel about homeownership and how they would feel if you received an offer to buy a home.
3. Can Your Partner Afford to Buy a Home Without You?
Even if you and your partner are in the same financial boat, you should both have jobs to show you can afford a house on your own if needed.
A lender will want to ensure you have a job, as well as a steady income. Because having a steady income is a must, you should look for jobs in the same field. This way, if one of you loses your job, you’ll have a backup income.
4. Are You Both Ready to Move in Together?
Moving in together can be a difficult transition. Before you buy a home with your partner, there should be no other reasons besides buying a home. You should both be ready and willing to commit to living together. There should be no one in the way of you buying a home.
Moving in together can be a difficult transition initially, but once you get into a routine, you’ll be fine. If you and your partner can go through the transition with ease, then you should be good to go.
Owning a home is a rewarding experience, but it’s also a lot of work. You have to maintain, repair, and worry about your home all by yourself. If you and your partner are willing to go through all of that work, you should feel confident buying a house together.
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