3 Conversations Every Couple Should Before Buying A Home

Anyone in a long-term relationship knows how important decision-making is when you and your partner grow in the relationship. One of the biggest decisions you will make in such a relationship is buying a home together. In 2019, unmarried couples formed 9% of home buyers. But whether you are married or not, purchasing a home together is a huge sign of commitment. If you are ready to do something as big as that, then you must also be comfortable enough with each other to have some rather uncomfortable discussions.

1. Preferences

If you and your partner are ready to buy a home together, starting the search can be a fun activity to look forward to. But before you start exploring your options, it’s best to discuss what you are looking for in a home to ensure you are both on the same page or close enough.

You two would have to discuss the size, features, neighborhood, and amenities. You must also be prepared for your discussions to get heated, especially if you both have different preferences and might disagree on every little detail. The goal is to find a middle ground without turning it into a fight.

2. Homeownership

One of the most important questions is who will own the home. Like most couples, you want to have your names on the deed and mortgage. However, not everyone qualifies to sign a mortgage. For example, if either of you has a bad credit score, it could prevent you from taking out a loan. If there will only be one name on the deed, for example, you must discuss any potential disagreements that might come up in the future. It would be best to work with an estate litigation lawyer to find the best possible and practical solution for both parties in the event of a breakup.

3. Finances

You and your partner have probably dreamed of one day owning a home. It’s a great way to begin a new chapter, after all. But it would help if you asked yourselves how much you are willing to spend on buying a home together. You and your partner might have a lot in common, but you both might soon realize you have different opinions when it comes to spending money. If you are both on extreme ends in spending, it may be difficult to reach a compromise.

You must be ready to have an open and honest discussion about your finances, including how much you earn each month, your debts, and other bills. Knowing where you stand financially makes it easier to draft a budget that would consider various elements you can afford. It also gives you an idea of which financial options you can consider for assistance or when purchasing a home would be a good time.

Owning a home with your partner is a big deal and can be the start of an amazing adventure. However, ensure you have these discussions to prevent any unpleasant surprises in the future.