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Buying a property with a partner can be an exciting next step in a relationship.
Swapping paying rent or living with family for cosy nights with your beloved in your own home in littleborough, Todmorden or the surrunding area can be a blissful prospect.
But before you arrange a series of viewings in a giddy rush of excitement, it’s worth sitting down and talking a few things through with your partner.
Purchasing a property is a huge commitment, yet most couples spend more time planning a holiday (7.8 hours) than planning their home search (5.5 hours).*
Getting some of the practical stuff nailed down early on will help you focus your search efforts and avoid arguments along the way.
Some of these questions may seem awkward, but once you’ve got through them, you can get on with the fun of searching for your new home together.
Here are six questions to ask:
- What is your financial situation? Many couples often avoid conversations about financial matters, but it's crucial for both partners to openly share information about their income, savings, and debts. This transparency is vital because it directly impacts the amount you can borrow and the financial decisions you can make together.
- How will we split ownership? While many couples default to a simple 50/50 split in their financial arrangements, it's important to recognize that some partners might bring a larger deposit or have significantly higher earnings. In such cases, couples often find it beneficial to negotiate and establish alternative financial arrangements that better reflect their individual circumstances and contributions.
- How will we split the bills? It's essential to come to a mutual agreement on how you'll manage various financial responsibilities, including mortgage repayments, council tax, utility bills, and groceries. Additionally, it's advisable to set aside some funds as a financial buffer, as you'll also bear the responsibility for any maintenance and repairs required in your new home.
- What are your long-term plans? While your commitment to each other is evident, it remains crucial to discuss your long-term vision for the next five or ten years. This forward-thinking approach is particularly important if you have plans to start a family or introduce a pet into your lives, as these factors will significantly impact your choice of property and its suitability for your evolving needs.
- How much DIY are you prepared to do? Purchasing a fixer-upper property can indeed be a lucrative investment, especially if you're willing to take on some of the renovation work yourself. However, it's important to be aware that do-it-yourself projects can be messy and time-consuming. Therefore, it's essential for both of you to thoroughly understand the scope of work involved before embarking on this path.
- Shall we get a cohabitation agreement? This legal document outlines the property’s ownership split and each party’s financial responsibilities. If you later break up, it will help avoid disagreement. Discussing such a possibility may seem like a passion killer, but it can also give you both peace of mind. If family members have stumped up the cash to help with the deposit, they may insist on it.
If you’re a first-time buyer looking for a property, contact us here today.
* Zoopla
