Should You Buy A House With Your Significant Other?
When you're in a relationship with a partner you love, moving in together is often a natural progression in the relationship. Many couples move into a rented apartment together, but others choose to buy a home together. Is this the right move for you? Read on to learn about some of the pros and cons of buying a home with your significant other when you're not married.
Pro: Sharing the responsibilities of homeownership may bring you closer together.
When you live together in an apartment, many things -- like repairs and home maintenance -- are the responsibility of your landlord. Finding an apartment to rent is also quite simple compared to the home buying process. From hunting for the right home to shopping around for the right roofing contractor, homeownership comes with many responsibilities and challenges. Navigating these together, as a couple, may ultimately allow you to grow closer together as you work towards common goals.
Pro: You'll be earning equity in the home.
Assuming that the two of you stay together as a couple, buying a home together can be a wise choice for your financial future. You'll be putting money into home equity each month rather than just paying rent to a landlord who uses it to pay his or her mortgage. Several years down the road, the two of you can use the built-up equity to buy a bigger home or one in a new area.
Con: Arrangements can become complicated if you split up.
If you and your partner decide to separate, deciding what to do with the home can be difficult. You may end up needing to sell it and split the earnings. Or, one person will have to keep the home and buy the other one out. If you have any doubts as to the longevity of your relationship, you're probably better off renting.
Con: Deciding how to split costs can be a burden.
When you own a home, there are more unexpected costs, like emergency repairs, than when you rent an apartment. Deciding who should pay for these surprise costs can be tough. If you do not go into this endeavor with a plan for how you'll handle the finances, it may end up putting a strain on your relationship.
Buying a home with your significant other is a big undertaking, but it does work out well for many couples. To learn more about finding homes for sale, speak with a real estate agent or your attorney.