Thinking of buying a property with your other half? Read this first!
As someone who has had two properties with two partners and has lived with a myriad of friends, lovers and dopes, I’ve learnt a thing or two about purchasing a property with a partner.
So, here’s a list of things you should really look out for when buying a property with someone else:
Talk About It Upfront: You may think that owning a house conjointly is simple, but it’s not. Make sure you know what you’re getting yourselves into and discuss every possible eventuality. It is not unheard of that people lose their jobs halfway through paying off a loan, or that they have children, or that they part ways. Be clear about your intentions and make sure you understand the commitment you’re getting yourself into: this is not a holiday, it’s a house.
Find Something You Both Like: Sit down and make a list of things you want and don’t want from your home. Where would you like it to be? How many bedrooms does it need to have? Does it need to be near a school? Decide these before to make sure you save time and money; and, more importantly, the hassle of arguing about it in front of estate agents and sellers.
Paperwork: Having a private agreement that outlines who has ownership of the property between the two of you, as well as a will, are extremely important measures you should take to protect your rights. As mentioned previously, things change all the time but it’s not difficult to safeguard yourself. To make sure you have your back covered, speak to a legal advisor and make sure you’re on the right track.
Think Ahead: Unfortunately, most couples don’t take legal advice until their relationship has failed or has – in one way or another (either through choice, death or disagreement) – ended. There is no shame in checking your legal rights and taking care of your assets, even when the relationship is working well. For some people, this will be advice they will never have to heed, for others this could be the lifeline they need when everything seems to be falling apart.
Ever had any problems buying a property with a partner? Let us know in the comments’ box below.