Happy Valentine’s Day to all the American Dream Realty of South Jersey fans out there. In honor of this special day, we have a very special article coming your way. Check out our latest blog, where we cover the in’s and out’s of buying a home as a couple, and when is the right time to buy!
Doing things as a couple is arguably the best part of any relationship, and buying a home together can be that next step into something more. However, unlike other things in a relationship, making the investment of a home together is a huge financial jump, and needs to be done properly in order to ensure that both parties get a good deal, especially if it is a couple that is not married.
A couple that is not married has more risk with buying a home than a married couple because they do not enjoy the same legal benefits as a married couple does, such as co-ownership of the property. Many times, unwed couples looking to purchase a home will only put one person on the deed, which is a huge mistake, since they now have sole legal rights of the property, regardless of the current relationship status. If you are planning to buy a home before the wedding, make sure you follow these tips:
Determine Costs: This goes for any type of purchase, but what is especially important for a new couple is to determine how everything is going to be paid. Looking at incomes and credit scores could be a good way to determine who will pay what, and how much should be paid. However, there are some holes with this, which leads us into our next point…
Put EVERYTHING in Writing: No matter what you do in this process, make sure you put everything in writing, and have it drawn up by a lawyer. By having everything in writing, from who pays the utilities to what happens if someone cannot pay their fair share. you are essentially giving yourself a little insurance in the rare event that anything goes wrong, like your health insurance. Having this safety net may one day come in handy.
Title It: Finally, you and your partner will need to determine who’s name will be on the official deed, which sets forth the legal owner of the property. If you decide to only put one person down, you need to realize that the other gives up all claims to the property, and the one has the power to sell or remove people as they see fit. Ideally, you would want to put both parties on the title, and one quick call can change all of that.
Buying a home as a couple can be exciting, but you need to make sure that you are doing it right, and with the right guidance. Luckily enough, your local American Dream Realty office is the place to go for the best guidance in the industry, as our experienced agents are always happy to help. Just come on in to see what we can do for you!
Happy Valentine’s Day, everyone!