Friday, May 2, 2014
Buying a home can be overwhelming but even more so when buying a home as a couple. Whether married or unmarried, you may find that buying a property together can bring on many challenges and disagreements. To keep the peace, check out these practical tips...
A large part of buying property as a couple is about reconciling your differences when it comes to your preferences. Talk things through with your partner to achieve a mutual understanding and agreement of your needs and wants for your future home together. Don’t be afraid to speak your mind, as this may just cause more problems later on. Remember that buying a property is a long-term commitment with financial responsibilities and legal implications, so it’s best to air out any concerns before you actually buy the property.
The legal implications of buying a property together vary from case to case. Married couples will have had a property relation system that will apply to subsequent home purchases. This may be Separation of Property, Absolute Community of Property or Conjugal Partnership of Gains. For more information on these different property relation systems, visit the National Real Estate Association, Inc. or NREA website. On the other hand, buying a home as an unmarried couple may be more complicated. It’s best to consult a lawyer when discussing contract options and legal implications, as the terms and conditions of your property ownership will largely depend on your legal agreement as a couple.
Buying a home is a big financial investment, which will affect family finances for married couples and individual savings for unmarried couples. For unmarried couples in particular, it will take a lot of trust to buy a property together with your partner, as this is a long-term commitment that may potentially outlast your relationship. Discuss the financial aspect of the property purchase with your partner. Decide how you’re going to pay for the property, divide the expenses and handle situations when one of you can’t come up with his or her share of the property expenses. These financial discussions may be difficult to initiate but will help avoid disputes and will pay off later on.