Buying a house is something that married couples do before tying the knot. The importance of having a shelter outweighs financing a wedding, which is why most people dedicate their savings to getting a property.
However, you will find that buying a house as an unmarried couple will come with a lot of questions that you need to answer. It is a life-changing decision that could make you suffer from long-term consequences if you rush into it. There will be a lot of tough questions, but these are the ones you need to prioritize when finding the answers.
Are You at That Stage of Your Relationship?
A lot of unmarried couples entertain the idea of buying a house when they become engaged. The mutual understanding of starting a life together will be enough to convince them that they have to move in together. But it takes a lot of time and effort before couples reach that stage. Some relationships might not even make it to that stage.
If you and your partner do not have plans to get married yet, the decision to buy a home together becomes more complicated. Before you can say that you are ready to move in with your partner, here are a few factors to consider:
- Emotional Stability
- Approval from Both Families
You will have to sit down and talk with your partner about plans of moving in together when you realize that you are in the right stage of a relationship. Rushing to the decision will only lead to complications that might cause suffering and misunderstandings. Avoid thinking that buying a house is to help further the progress of your relationship because you should already be at the stage way before it.
Are You Financially Capable?
It is easy for unmarried couples to talk about buying a house if they feel like that they reached the right stage of the relationship. However, turning it into a reality will require financial stability. Paying the downpayment for the house will require you to create a budget that will take years. You can use the funds from your savings account to help solve the initial payment problem. A bank loan will also be helpful in your quest.
You will start looking at the trajectory of both your careers to cover the monthly mortgage. Since you will both be living in one household, you can come up with a plan that puts both of your income in one pool. There are plenty of other expenses to consider as the years pass by, but it is crucial to maintain a budget for the property. If you think that you will have no problems with the purchase, you can move on to other essential questions.
What Happens If the Relationship Falls Apart?
There is nothing wrong with preparing for the worst scenarios, especially when they involve heartbreaks and finances. When you buy a house with your partner before marriage, you will be living with the risk of breaking up. Even married couples suffer from divorce, which makes it more likely for those who are still in the relationship stage to back out of the decision.
The consensus will be to cross the bridge when you get there, but you still have to create a backup plan in case everything goes wrong. Try to work out a few scenarios, especially when it comes to financing the payment process when you lose half of the household income. It will be heartbreaking for both sides when the relationship falls apart, especially when it happened with an unfulfilled promise of living under one roof.
Have You Decided Where to Live?
If you and your partner managed to talk through the process of living together, you have to come up with an ideal place for relocation. If both of you have work, you have to make sure that the house is near both workplaces. You will also have to consider if the land for sale is within reach of necessary establishments. You will start to look at your options and whether you are buying a lot or a fully-furnished home.
The decision on the location is a crucial factor in the process, which is why you have to arrive at a mutual agreement. If you encounter problems in deciding where to live, it is advisable to avoid buying a house until you can both make the necessary adjustments.
Buying a house is a life-changing event that will affect your relationship, especially if you did not get married yet. There are a lot more questions you need to answer, but you must get clear decisions for the ones stated above.