When it comes to starting a family, one never compromises. You want the most sparkling engagement ring and you plan to have a lavish wedding ceremony, but is a family really ‘complete’ without a house? No, but owning a house today is a distant dream. The financial burden is too huge for an individual to bare by himself. So now engaged couples are coming together to buy a home even before their wedding. Below is the checklist couples need to keep in mind before deciding to buy a property together.
Before you even begin anything, it’s important to have an open conversation with your other half. Share the idea and be clear about you finances. It might be a task to talk about your combined earnings, but this will help you plan your budget. Such conversations will help seek a decent mortgage and manage savings accordingly.
Discuss ownership options
Even before you buy a property together it’s important to set the ground rules straight. Instead of just moving forward and purchasing a property against an individual’s name, sit down and discuss the titles. One also needs to keep in mind the tax consequence and problems faced while transferring the title before signing on the dotted line.
Set your finances straight
Sit together and begin budgeting. If there are any regular expenses from your side put them forth right now. Student loans and credit card debts are two main factors that need to be considered. Based on your regular earnings apply for your loan accordingly.
Get an agreement done
Once you have decided on the property you want to purchase, get an agreement signed. This will not only provide each individual with proper protection but it will also help you value your property easily. A legally binding agreement will financially secure both the individuals in case something goes wrong.
Getting a pre-nup for your home is a good idea too. This agreement helps address financial issues and records mortgage payment on a regular basis.
A house becomes a home where joy can be shared. Since it is one of the biggest assets to be purchased in your lifetime why wait till you marry. Set out a detailed plan and work together towards buying your dream home as soon as you can!
Nidhi C Thacker for IndiaProperty.com