Guide For Unmarried Couple Home buyers
You do not need to wait to be legally bound together before buying a home as a couple. An increasing number of unmarried couples are going the cohabitation way. Buying a home as a couple is a major decision which you need to ponder over carefully before taking the plunge. Read on to find out a few key points that you need to focus on while buying a home as a couple:
Unmarried couples are not considered to be equal owners of property automatically like in the case of married couples. You need to prepare a written agreement declaring the rights of ownership. This helps in tackling any future problems regarding financial settlements if you cannot continue with your partner. You can either choose joint ownership or the option of specifying the percentage of ownership that each partner holds. It is advisable to consult a lawyer for this procedure.
Home purchase requires a substantial monetary investment. You need to have a frank discussion with your partner regarding the amount of debt that both of you can deal with comfortably. You need to keep in mind the total expenditure including the down payment, lawyer and broker fees, monthly mortgage payments, maintenance, and upgrading costs. The budget should be prepared accordingly and the home search should also revolve around that budget range.
- Location and type of property
It is essential to agree on the setting of the home that you want to buy as a couple. This includes deciding the city and neighborhood, checking access to conveyance facilities and proximity to the workplace. After the location is finalized, the type of property needs to be selected. You can go for condos, single family homes or apartments depending on your preferences as well as your partner’s.
- Credit Scores
In most cases, unmarried couples need to take mortgage loans to pay for the property. If you are thinking about taking a loan, you need to compare your credit score with that of your partner to see if you are eligible for a joint loan or not. If the credit score of one partner is not good enough then the other partner should apply for a loan. However, the income of the applicant should be enough to pay the mortgage amount.
These few tips can help you to buy your first home as an unmarried couple successfully.
For guidance in buying a home in Connecticut, you can contact Connecticut Real Estate & Investment.
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