From the time you’ll spend house hunting and organising paperwork, to the savings (both individually and as a couple) you’ll be investing towards a deposit. Buying a home can be a stressful and time-consuming investment, leading to disagreements, arguments and potentially a devastating breakup.
So, before you take the leap of faith with someone onto the property ladder, here are key points you should consider:
1) You’re both on the same page financially
Finances account for one of the most common disputes shared between partners, but it can also be a red flag for many when considering buying a home together. Discovering a significant other is bad at managing their cash is a major deal breaker for some people, especially if their former credit history leaves their partner also limited on loan options. An open dialogue surrounding saving potential, previous or current debts, and the ability to keep on top of finances are important topics to review before agreeing to your forever home together. Although these conversations are awkward to work through, so is a break-up after a house purchase - so it’s good to ensure everyone is on the same page!
2) And a relatively similar picture of the perfect home!
Everyone has their own individual criteria when purchasing property, and you may find your significant other has some opposing ideas to your picture, of a perfect family home. Rather than get caught up in the small details of property listings, focus instead on the essentials, such as bedrooms, location and if you’re happy to do any renovation work. There will always need to be a level of comprise in this situation, to ensure both parties have a fair input on such an important life decision, which is why listing your desirable and essential criteria can help to see if you're both on the same page before getting started.
3) You’ve both reached a ‘happy’ point in your working lives
They say love makes the world go round, which is true in some scenarios - but not so much on your mortgage repayments. Job stability is very desirable to potential lenders, with both parties needing to demonstrate a stable income for a set period of time upon submitting an application. This means any job hopping, major career changes or planned career breaks may cause some hurdles in a romantic property pursuit, so it may be wise to hold off on buying a home together if one of you is still finding your feet in the career world.
4) You’ve trialled living together and survived to tell the tale!
The long-term commitment and responsibility of homeownership can extend far beyond the rule book of renting together, so ensure you’ve tested the waters at cohabitating before jumping into a mortgage agreement. If your relationship is in a place where you can comfortably discuss bill payments, or a boiler breakdown doesn’t end in a near breakup, a property may be worth serious consideration. Assessing your ability as a team to overcome the everyday stresses of homeownership is what is important here, if two people can work together with the same goal of maintaining and keeping a home together, then they may be on the right track.
Although we can't give you a definitive answer on whether your partner is the perfect match, we can help you both with securing a loan to finance your dream home! Contact our team today to discuss your options.