Buying your first home as a couple is exciting!
It can also be scary, exhausting, exhilarating, stressful, fun and every other emotion known to mankind.
So, here are my tips to help you achieve this massive goal:
* Make sure you are both on the same page. Don’t get caught up in your partner’s excitement or fear. Talk it out and make sure it’s what you both really want and that your relationship is stable.
* Agree on the essentials such as property type, location, budget, how many bedrooms, bathrooms, parking, fixer upper or already done, etc.
* Work out the details. Does one of you earn more than the other? How will that inequity be managed? Does one have a bigger deposit? You don’t want to go into this feeling resentment that you’re the one carrying the load or with insecurity because you don’t feel like you’re contributing equally. Again, talk it out.
* Think about the future. Are you planning on having children, travelling or taking a sabbatical? How secure are both your jobs and the industries you work in? How will your mortgage get paid in changing circumstances?
* What’s your exit plan? Are you planning on holding this property for 5 years or 10, less, more? What will you do if you split up? Will one of you have the option of buying the other out?
Just like it being a bad idea to have a baby to “fix” a relationship, it’s not a good idea to buy a house together to fix a rocky relationship. You need to think through and plan for the best and worst outcomes.
As always, find a broker you trust to talk through your options and to find a loan and a lender that is suited to your personal circumstances.
While you’re at it, talk to a solicitor get your wills done if you haven’t already.
You know where we are if we can help!
