Should You Buy a Home Before or After Marriage?

Should You Buy a Home Before or After Marriage?

Nowadays its quiet common for young couples to purchase their first home prior to getting married. It’s been said up to 25% of couples aged between 18 and 34 look to purchase their first home together before their wedding date.

Purchasing property pre-wedding isn’t for everyone so here are 3 easy tips to help you and your partner decide:

Savings

When you look to purchase your first home one of the first requirements that you need to meet is having sufficient deposit. Most couples look to contribute equally to the home purchase, although this isn’t always practical. If you’re making an unequal savings contribution it would be wise to note details – just in case things don’t go to plan in the future and you part ways you can divvy up the equity of the property.

Title Matters

If you are unmarried and sign the title as tenants in common, both of you have ownership in the property. If one person dies, the decedent’s ownership does not automatically transfer to the other owner, unless that person is named in the will. Joint tenants, however, will automatically pass their interest in the property to the other person in the event of death.

If you intend to buy a house with your partner before marriage, experts advise that you both sign a legal agreement to avoid altercations down the road.

Prepare for Commitment

Eighty percent of all married couples who bought a home together said the purchase strengthened their bond more than any other purchase they made.

To find out how Hunter Galloway can help you call Nathan Vecchio on 0410 000 689.

For more information on should you refinance and buying at auction.