Are You Ready To Buy A Home With Your Spouse?
13 Jul 2016
Buying a home is a big milestone and commitment – even more so if you’re buying it with your spouse. In order to help you with your decisions, we jotted down a few points for you to consider before making the big investment together:
1. You See a Future Together
It almost goes without saying, you should buy a house together only if you see a long-term future with your partner. If your relationship is not stable right now, the stress of combined finances and homeownership will only add to the trouble.
2. You have decided or are ready to settle down
As buying a home is a long-term investment, you and your partner should be able to hold onto your home for an extended period, at least around 6 to 7 years.
3. You are on the same page regarding your requirements
It’s important that both of you agree on the features you want in your home. Have a discussion to determine which aspects are your priorities and which you can compromise on so that you are on the same ground.
4. You have a stable job
With a stable job and regular monthly income, it becomes easier to get a loan as well as repay it on time. If either of you is thinking about a career change, it may be wise to put off buying a home until both of you have a stable job.
5. You have planned your finances well
Before buying a home together, both of you need to have a clear idea of each other’s financial status. List down each of yours savings, income and assets to decide the budget for your home.
Not only does buying a home involve the cost of the house, but also other expenses such as interest on home loans, moving costs, transaction costs, utilities, repairs and rates. So it’s essential that both of you have made a commitment to tighten your expenses to boost your savings.
Above all, communication and compromise are important while buying a home with your spouse. These being in place, you’ll be on your way to your home sweet home.