Should you buy a home together? |
Posted: November 5, 2018 |
Buying a home together before or after your wedding is always an exciting time for couples. However, you need to understand the commitment of buying a home together, as this is where you will be living. While there are risks in buying a house with another person, especially when you’re not married, these are reduced if you fully understand the process and take a practical approach. When buying a home together, there are a few things to consider to maintain a smooth relationship when you have co-ownership of your home. 1. Be Practical 2. Don’t Make any Assumptions 3. Make Arrangements
4. Who Actually Owns the Property? Joint Tenancy : In a joint tenancy, multiple owners share an equal stake in the home. Tenants in Common : Each person on the deed owns a specified percentage of the home. Sole ownership : Just one partner’s name is on the title of the home. This type of ownership is used if one partner has poor credit or for tax purposes if one person’s income is significantly higher than the other’s. Buying a home with your partner after or before your wedding can be incredibly worthwhile and is successful for most people. However, with such high risks, you need to be sure whether buying works for you, both as a couple and individually. Now that you have an understanding of some of the issues involved in buying a home together and are ready to take that next big step with your partner, you may want to get expert advice from the experienced loan officers at Drew Mortgage Associates to get started!
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