A couple\’s decision to buy a home together before their wedding ceremony may initially seem simple. After all, they intend to live together afterward, so expediting the purchase makes sense. But it\’s important to remember that looking for, and purchasing, a house is one of the biggest commitments a person will make in his or her life. Traveling that road as an (as yet) unmarried couple is bound to present a few challenges, most of which are less than obvious in the beginning.

With this in mind, we\’ll present several questions below that you and your partner should discuss before looking at homes for sale. Resolve the following issues ahead of time, and you\’ll be far more likely to enjoy the house you purchase together.

What Type Of Community Do You Prefer?

Buying a house involves becoming a part of the community that surrounds it. Invest time to explore the area together. Visit during various times of the day and evening; meet those who live nearby; and note the proximity of malls, schools, and restaurants near the home. Then, discuss whether you and your partner like the community, and will be happy living in it.

Too often, couples buy homes together in neighborhoods one partner dislikes. Doing so can add unnecessary stress upon the relationship.

Do You Enjoy The Same Style House?

One of you may enjoy homes with an older design while the other prefers those that are newer. This is often a challenge for just one person to consider since there are pros and cons associated with both choices. Two people who feel differently will further confuse the matter.

Discuss with your partner the importance he or she places on certain aspects of a house. For example, is having a large yard a priority (common with older properties)? Are modern conveniences and less maintenance important (found with newer properties)? Resolve this matter upfront, and you\’ll save time and frustration when visiting prospective homes.

How Much Are You Ready To Spend?

Studies show that finances represent one of the largest stresses placed on married couples. This usually occurs because both partners feel differently about the manner in which their money is managed. For this reason, be certain you and your partner agree regarding the amount of money you\’re willing to spend together on a house. If both of you disagree, moving forward can cause stress down the road.

What Type Of Loan Should You Pursue?

Whether you choose an adjustable-rate mortgage (ARM) or a fixed-rate mortgage, your decision will impact you and your partner for years. ARMs are riskier since the interest rate adjusts to the market rate after an initial period. If the market rate increases substantially, you may end up paying higher mortgage payments than anticipated. Fixed-rate mortgages are less risky since the rate never changes. But your rate – and thus, your mortgage payments – will be higher than that attached to an ARM in the beginning.

It pays to discuss this issue with your partner prior to looking at homes for sale. Otherwise, you may find that it becomes a major sticking point for both of you in the future.

Coming To An Agreement… In Writing

There is no shortage of studies that detail the divorce rate. While every couple hopes to remain together, many do not. One of the issues that surfaces when a married couple gets divorced is the manner in which they should handle the house they own together. It is a sizable asset, and fairness between the partners can often be elusive. Thus, it is a good idea to create a written contract.

The contract should stipulate every imaginable detail with regard to how ownership of the home, as well as any proceeds from its sale, are handled. For example, if the house is sold, will the proceeds be split down the middle? What if a buyer fails to emerge? What happens if you are \”upside down\” on the mortgage loan? Although discussing these things is unpleasant, doing so is worthwhile to avoid unnecessary frustration later.

Purchasing a home with your soon-to-be spouse is an exciting experience. But take the time to discuss the details above to ensure you are both on the same page.

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Category: Home Management
Keywords: Home, Advise, Budget