Every couple dreams of having their own home, but the most important question to ask is whether you are ready to buy a home with your partner or not. Not only does it require a financial commitment, but also demands an emotional commitment as well as time management. Here are a few signs that will help you identify if you are ready to take the next step in your relationship
You’re Rock Solid
You should be at a point in your relationship where you feel comfortable in each other’s presence and can discuss financial issues with ease. It is very important to have a healthy and mature relationship if you want to make big decisions such as buying a house to live in together. There will be many ups and downs as you move forward, but both of you should be ready to deal with it.
Besides, just because it is expensive to live in an apartment, doesn’t mean you should buy a home. It is not as easy as it sounds. Most people who buy a home with their partners first time are not aware of the costs involved in the process. Buying a home is a huge investment and couples should only make this decision if they are ready for it. Instead of worrying about the ‘what if’, they should be focusing on ‘when’.
You can also sign up for a joint mortgage with your partner, but for that, you must have a stable relationship with your spouse so that both of you can share the financial burden.
Satisfied with Your Career
This is a very crucial aspect that should be considered, especially when you have to buy a house. If both partners have stable jobs, they’ll find it easier to take responsibility for these commitments. On the other hand, when a person is unhappy and unable to stick to a job for long, it is very important to think carefully about whether buying a house is the best option.
It is not easy to buy a home, especially as a couple. There are so many real-life examples where relationships end due to financial difficulties. It is only recommended to go ahead with your decision of buying a house if you are satisfied with your current job and have a stable long-term career.
Ready to Share a Space
Are you willing to share a space with your partner? This is one of the most crucial factors that you should consider as it comes with shared financial commitments. There is no hard and fast rule when it comes to living together and making it work. It’s all about taking one step at a time. Instead of making multiple decisions, make sure you find a middle ground and take it from there.
If you plan to buy a home with your partner, plan everything ahead of time and incorporate all the expenses in your budget to avoid any setbacks in the future.
Your Ideas Sync
If your ideas sync with each other whenever you talk about buying a house, it is a sign that you should go for it. Many real estate agents have observed that couples who are first home buyers usually struggle with the purchase because their ideas don’t sync. For example, there are small things they don’t agree over, such as the total number of bathrooms or bedrooms in a house.
If you plan to buy a home, it is better to sit together and list everything you wish to have in the house. You should only go out and search the market once you and your partner are on the same page.
You Have Sufficient Deposit
Many people believe that a down payment of $40,000 will be sufficient if they want to apply for a home loan worth $400,000. But it’s recommended to have at least 20 per cent of the property price as a down payment to qualify. If you think you have sufficient deposit in your bank account and can easily make repayments, then it may be the right time to buy a home with your partner. If, however, you are not financially prepared for this decision, it can be quite damaging to the relationship. Follow your budget and keep sufficient savings in place to meet all your financial obligations on time. Speak to our team today for more information.