Make It Home: Buying Your First Home With Your Partner!
By ABIGAIL GOODIN
There comes a time in every relationship when a couple decides to settle down and find their first home together. Whether you’re house hunting for your first home or building a home together, this can be a beautiful experience but it can also be very stressful. If you’re not quite sure where to start, we’ve got a few tips for you!
Prioritize! Decide on the features that you believe are most important to have for your first home.
When choosing your first home, it may be difficult to agree on which house you’d like since you both have varying preferences. That’s why agreeing on what you need before going house hunting is so important. Do you prefer location over size? Or do they prefer more rooms and a large backyard? Having a clear idea of what is important for you and your new life with your partner is very important.
Compromising is key.
Understanding the need to compromise with your partner and meet them halfway is essential when taking this big step. Your new home is your shared sanctuary so you both should be heard and your contributions felt within the space.
Don’t rush it, ensure that you are ready.
Buying a house is a huge commitment and it is important to budget and make sure that you’re financially capable of supporting this new lifestyle together. Take into consideration new monthly expenses, maintenance and all additional costs.
The legal side.
As with most things in life, there are legal implications you have to be aware of before you start going through the classifieds. For instance, will you and your partner be joint tenants or tenants-in-common? With the first option, you both have a right of survivorship, where your portion of the home goes to your spouse if you should pass away. While the second option the other person’s portion of the property may only be transferred through a will, and if they die intestate, then it is handled by the State. To find out more, visit the National Land Agency for more information.
Save money for renovations.
If you’re buying your first home, we suggest setting aside some funds for renovations, so that you can make that house your forever home. Doing renovations gives you room to personalise your space and to add your own ‘touch’. Plus, working together on small projects can help build a bond between you. #goals
Buying a home can be scary, but when you have a loved one to support you, then it can be an amazing experience. Is there anything else you’d like to know about the home buying process? Tell us below!
