Buying a house is a major purchase, probably one of the biggest financial obligations you can have. There are many benefits to buying a home. You get to grow equity in your home provided that regular maintenance is kept up. Purchasing a house gives you the joy of home ownership with knowing that you are not wasting money by paying rent. A lot of freedoms come with buying a home; you can design it from the ground up, pick your lot and choose the interior features that are unique to you. A house that is already built is just as rewarding. You can always make it your own and do with it what you want.
With that in mind, is it a good idea for unmarried couples to buy a home together? After all, you are in a happy relationship what can go wrong? It can be tempting because of the convenience of buying something together. Having someone to help with the mortgage. Also, the both of you can split the house chores. You both enjoy coming home to each other to something that you own. Both of you can create a space all your own like a man cave or she shed, home office, game room or whatever space you choose.
Is it a good idea for unmarried people to buy a home together?
REASONS TO SAY, “HELL, YES!”
A large part of the younger generation who are not interested in marriage would say, Hell Yes! Why not? We are in love and have been in a committed relationship, so why not?
We love each other and plan on being together for a long time. Why complicate things with getting married first?
We both work and have steady income. As long as we both have a job, we can afford the home purchase.
We are tired of wasting money on renting a place. Let’s do something together that will build equity.
Expenses can be split down the middle. We don’t have to foot the bill all alone. We can split the down payment, closing costs, mortgage, taxes, HOA association fees (if applicable), maintenance cost to upkeep the home, repair costs, etc.
Our friends are doing it, so why can’t we? What’s the worse that can happen?
REASONS TO SAY, “HELL, NO!”
Who will get to keep the house, if we break up? Emotions are running high, so this will just complicate things even more.
If we break up, how are we going to divide everything? Who gets the living room furniture, the bedroom set, the kitchen appliances, etc.
Without the legal document, called a marriage license it is hard to sort out these things when/if the relationship goes bad. It is much easier to get into the mortgage contract than to get out of one.
What happens when one of you decides that they want out of the financial obligations and the relationship? Can you carry the financial load alone or will the house go into foreclosure? Foreclosure does not do any good for your credit history.
WEIGH IN ON THE SUBJECT
Image by Gerd Altmann from Pixabay
I know it sounds good and feels good to make such a huge step together. Love is blind and we don’t always think about the “what if we break up” scenario. This is real and these things need to be considered. At least if you are married and things don’t work out, that piece of paper makes things a lot easier.
Not saying that every unmarried couple who buys a house together will break up. Things may work out just fine. All I’m saying is that a couple should consider the options before entering into such a big financial obligation. Don’t be that couple who ends up on one of those TV court shows, expecting the judge to figure it out and sort through it. I’m joking, but I’m not joking. You get the point.