Buying A Home Together?

Dated: April 13 2021

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Things to Consider before Buying a Home Together

 

It used to be that couples first got married, and then bought a home together. No

more! Modern couples no longer consider marriage a prerequisite for buying a

home together. Buying a property together can complicate either a breakup or a

divorce if not considered upfront.

 

No one likes to think about the end of a relationship, but buying a home is a huge

investment – not only in the relationship but financially. The partners may have

differences in income, down payment, and contributions to the home. In the

event of a separation, how will these issues be addressed? In other words, what

happens if you break up?

 

The easiest way to ensure that everyone is protected is the title. Most married

couples opt for Joint Tenancy that provides each homeowner an equal interest in

the value of the property. The assumption is that marriage involves a merging of

income and assets.

 

For couples who plan to keep their finances separate, a better option could be a

Tenancy in Common. This form of title provides each owner with a separate,

transferrable interest in the property. The interest does not need to be equal to

the other; this could give one a larger interest if they contribute more financially.

 

The interest can also be sold or inherited separately.

Don’t let the excitement of a home purchase keep you from considering the

future. Before closing on that dream home together, consider the exit strategy –

just in case.

Blog author image

Saad Jamil

Saad was taught at a young age that if you want something in life, you have to work for it. So that’s what he did. And he worked hard. Saad got into the real estate industry 8 years ago when his fa....

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