Are You Ready to Buy a Home Together?

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There are many important milestones that will come around when you are in a committed relationship such as a first date, a first kiss, a first anniversary, a first trip together, etc. For many couples that seek each other’s company over the long-run, buying a home together is also quite a significant milestone. This is a big event and it is one that should not be rushed into without a good amount of consideration and though. You may feel right with your partner and you might be swept up in the romance of it all right now, but you also need to touch down and have an open and honest conversation about each other’s financial values and current situation. Read along and if you can answer a resounding“yes” to all of the following questions, you and your significant other may be ready to take the next step in your relationship and buy a home together!

You Are Aware of the Entire Financial Picture

Before you both decide to buy a house together, you each need to have a solid understanding of each other’s financial health and status. Break out the paperwork, jot down and dissect each other’s debt load, savings, income, and any assets. If you are both young, it might be more reasonable to live together in your current place for a while and pay off the debt first. Once that is all clear, you can work on saving toward a down payment together without having the weight of outstanding fees and debt getting in your way. If you decide you are in it for the long haul, your relationship can withstand waiting an extra year or two to buy.

You Know Each Other’s Financial Values

Are you one of those types thatpay everything in plastic, putting it all on your card while crossing your fingers you do not get declined? Is your significant other the type to keep track of every last penny? Do you grind your teeth each time your partner buys Starbucks instead of just making coffee at home? Does your partner nag you to make your own lunches as opposed to spending on Timmies’ lunches every day? The truth is that fights about money are the most common predictor of divorce, so it is crucial that you are both on the same page about your financial situation or can at least find common ground when it comes to money.

You Have Open and Honest Communication

When you and your partner talk about things like money, your discussion should be calm and logical, not tense, heated and emotional. If the topic of money instantly brings up friction between the both of you, you honestly might not be ready to buy a house together. If you aren’t able to openly talk about finances now, how will you handle it when your dishwasher breaks or your furnace needs to be replaced, costing you thousands of dollars? What if one of you unexpectedly loses their job or has to take a pay cut? If you can both openly and honestly talk about finances together, then you have at least one and probably the most important component figured out.

You Can See In the Same Direction a Future Together

This may seem quite obvious, but you should only consider buying a house together if you see a long-term future with this person. If your relationship is at all bumpy right now, adding the stress of combining your finances and homeownership to the mix may just be the last straw that’s ends it all. It is not easy to turn back the clock or erase your mistakes, especially once you have bought a house, so it is paramount that you make sure you are 100% ready before you start the process.

If all this resonated with you and if you have answered “yes” to all these questions, you are ready to buy a home with your partner. You can both start this new journey in your relationship together. Homeownership is a milestone that is a big part of your life. Contact me to answer all of your questions and to discuss which mortgage solution makes the most sense for you and your significant other.