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7 Points to Consider When Purchasing a Home as a Couple

Buying a house as a couple comes with its share of major decisions, and usually compromises. Making sure you’re properly prepared will help you avoid quite a few headaches, and potentially years of frustration down the road. 

So, sit down with your better half and talk about your expectations, openly and honestly. And don’t forget to discuss finances, with no stigma attached!

The first step is for each partner to write down their wants and needs separately.
The first step is for each partner to write down their wants and needs separately.

1. What Are Your Wants and Needs?

Independently draw up a list of what you’re looking for in a house. Divide your wish list into two categories: your “must-haves” and your “nice-to-haves.” There should also be a third column: your “absolutely-nots.’ Once you’ve both filled out your page, combine the items into one single common list. It’s a lot easier to negotiate on paper before you fall in love with a property—only to discover your spouse hates its.


2. Which Neighbourhood Would You Like to Live In?

What’s your lifestyle? Are you social butterflies or homebodies? Your choice of neighbourhood will impact how you live in your new home. Is it a close-knit community where neighbours regularly get together? Are there lots of restaurants, parks, bars and other places to socialize? Do you enjoy hosting large dinner parties at home? Then, a generous dining area isn’t the only important feature you’ll be looking for. So is the availability (and related restrictions) of street parking for your guests. 


3. What Are Your Limits Regarding Renovations?

Every real estate acquisition generally involves doing some alterations to make the space your own. Are you comfortable with the idea of a little painting and picking out wall art? Or are you considering completely remodeling the kitchen and bathrooms? If you don’t plan on undertaking such a project yourself, decide in advance which renovations are so urgent that you couldn’t move in without them. Then ask yourself how long you’re willing to occupy the residence while the work is carried out.


4. What’s Your Favourite Architectural Style?

Does one spouse love the modern style while the other has more traditional tastes? Is one partial to mature trees and green laws while the other doesn’t want a high-maintenance yard? You should likewise discuss your aesthetic preferences before you start looking on the market for a house, and especially before you begin planning renovations. 

One of the seven preliminary steps to tackle when purchasing a home as a couple is compiling a list of household expenses and determining how they’ll be split between buyers.
One of the seven preliminary steps to tackle when purchasing a home as a couple is compiling a list of household expenses and determining how they’ll be split between buyers.

5. What’s Your Timeline?

Are you searching for your forever home or is this just your first step on the property ladder and you expect to upgrade in a few years? It’s easier to make certain compromises when you know the situation is only temporary compared to when you’re acquiring a residence you plan on living in over the coming decades.

 

6. Will a New Addition Be Joining Your Family Shortly?

Are you hoping to grow your family with kids or pets? Such life choices will influence factors such as the number of bedrooms, the size of the backyard, and the dimensions of the main living areas. It’s best to have an honest conversation about this before you start house hunting.

 

7. Will You Be Contributing Equally?

Discussing money is also important when purchasing a real estate as a couple! How will you share expenses? Will only one of you be making the entire down payment? Will the property be held in equal co-ownership by the buyers? Might as well settle the issue right now.

 

 

Buying a home together is an exciting new chapter in both your lives! But the thrill of visiting houses shouldn’t distract from the need for careful planning beforehand to avoid many a disagreement and disappointment.

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