Should you buy a house together if you're not married?
Have you and
your significant other been talking about buying a Rockwall property together
before you tie the knot? In the olden days a couple living together before
marriage was considered scandalous, let alone buying a property. However, times
have changed and these days it is much more common and accepted to own a home
together before even saying “I Do.”
Maybe you plan
to get married in the future but you are not ready yet, maybe you are being
prevented from being married by the current law in your state, or perhaps you
simply prefer not to marry at all. Either way, it is totally fine to buy a home
together before marriage, as long as you both weight the decision carefully and
choose something that works for your needs. Think Things Through Carefully
breaking up co-ownership of a house will be more difficult and more expensive
in most cases than getting a divorce. This means that you should think about
buying your property just as carefully as you would when deciding whether you
If you are going
to be borrowing a total of tens or even hundreds of thousands of dollars
together to buy a home, you want to make sure that both of your goals match up
and that you are both on the same page. Get Everything In WritingMake sure that
you have legal contracts outlined
for the home buying arrangement. You might have a verbal understanding, but
having the words on paper means that if there is ever confusion or conflict
later on you can go back to the contract for clarification. Getting everything
in writing doesn’t mean that you don’t trust each other, its standard practice
for financial arrangements of this scale.
How will the
title to the property be held? Will both of your names be on the mortgage? If
one partner died, how would the property be distributed?
Applying For A Mortgage
unfortunately is no law that prevents mortgage lenders from discriminating
against an unmarried couple, whether
they are gay or straight. Some narrow-minded brokers might have difficulty
thinking outside the box and this can make obtaining financing sometimes
Also, many times
unmarried couples have to apply as separate applicants. A problem with another
person’s application can be harder to overcome and some banks will require both
parties to qualify, which can be a challenge when one partner is the main
Bizarrely, there are still laws on the books in some states that forbid unrelated people to live together.
Usually these old fashioned laws are not enforced, but it is good idea to be
aware of them.
Buying a house
is a big commitment, so whether you are married or not you should make sure
that you have had a heart-to-heart and both agree on the decision that you are
making. Lisa Cardillo is a real estate agent with JP and
Associates REALTORS, she specializes in residential real estate in Collin and Rockwallcounties as well
as the surrounding communities. Want a faster sale at a higher
price? Let my education, experience and advanced marketing techniques
benefit you on the sale of your home.
Looking at buying or selling real estate? Call or text me anytime!
Author:Lisa Cardillo Phone: 214-727-3366 Dated: March 7th 2014 Views: 2,211 About Lisa:
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