Buying a home with a romantic partner before marriage is a decision that requires careful consideration. Here are some key points to think about:
Without the legal protections of marriage, it’s crucial to have clear agreements in place. Drawing up a cohabitation agreement with the help of an attorney can outline what happens to the property in the event of a breakup.
Ensure both parties are transparent about their finances. This includes credit scores, debts, and income, as these will impact your ability to secure a mortgage and dictate how the mortgage payments are split.
Decide how the property title will be held. Options include:
Understand that both parties will be jointly responsible for the mortgage. This shared liability means if one person cannot pay, the other must cover the full amount.
Have a plan in place for the possibility of separation. Decide in advance how to handle the mortgage, whether one person can buy the other out, or if the property should be sold.
Buying a home is a major commitment that can strain a relationship. Make sure that both partners are ready for this step and have aligned goals and expectations.
Seek advice from real estate agents, attorneys, and financial advisors who can provide guidance tailored to your specific situation.
Buying a house with an unmarried partner can be a smart investment and a worthwhile venture if done wisely. It’s essential to approach this commitment with careful planning and open communication to protect both your relationship and your financial interests.
For any questions or concerns call or text me at 832-776-9582 or Email : Wale@NetworthBuilders.com