Finding a place to live with your partner is always a big moment in any relationship. It’s one of the most life-changing things that you can do together which is why it’s so important to get it right. Here are a few tips.
Be Clear About What You Both Want
Talk to your partner about what you both want from your new home before you start looking. Create a list of each of your must-haves from transport links to kitchen appliances. If you are both going to be working from home, which will be common, then you will need more space.
Be Honest About Money
Discuss your financial situation as soon as possible in the process. Talk about how you will manage the payment if one of you is more financially stable. Think about whether only one of you will be the owner of the property. Look at tenancy in common agreements that allow unequal ownership options. Be honest about your feelings about any responsibility differences before you commit to a new home. Pool your resources if you are on an equal financial footing. Start saving together and put equal amounts of money aside if you can. Look for expenses that you can share, from cars to streaming service subscriptions, to reach your savings goal faster.
Work Together As Much As You Can
Look for financial support for your new home as a team. Most home loans will not penalize couples looking at buying a house who aren’t married. Use a mortgage calculator to see what rates you will be looking at. Double check each other’s work to ensure nothing is missed. Talk to loan providers together to demonstrate that you are both in a position to take out this kind of mortgage. View properties together to avoid miscommunication later. Update your partner as soon as there is a communication from an estate agent or your loan provider.
Think About What Comes Next
Talk to a lawyer about drawing up an agreement for joint responsibility for the home. Talk about what expenses should be shared or how they should be divided. Go through each of the bills, from water to home insurance, and create a plan for them. Open discussion upfront will avoid problems later. Discuss what you will do in worst case scenarios. Foreclosure could be a real risk for many this fall. What happens if one of you loses their job? Can the other afford to carry their expenses?