Whether you are married, engaged, in a common-law relationship, or plan on being engaged and are looking to buy a home together, it is important to consider all aspects of the home buying process. Here are a few things to consider before buying a home with your significant other:
Consider the type of living situation you want. Do you want a big house in the suburbs or a townhouse downtown. Look at where you will be 5 years, 10 years, and 15 years down the road. Try and ensure that what you are looking for right now will last you for an extended period of time. For example, if you are planning on having children anytime soon then the one-bedroom condo may not be practical.
Many couples make precise budgets and often overlook the extra expenses of homeownership. This is very common when transitioning from the high-rise condo lifestyle to the detached more suburban lifestyle as many factors are not always considered. Think about the urgent issues that could arise, for example plumbing fees, pest control, air conditioning, and heating. Should any of these issues arise, they would need immediate attention and could be quite costly. How would you pay for this? Do you have emergency home account or will you take from your savings? If you are not married and do not have joint accounts you should consider opening a joint account for home expenses.
We will further discuss home buying and selling for common-law couples in our next article.
Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.