The LGBTQ community used to experience several forms of discrimination when buying or renting a home. Gay, lesbian, transgender, bisexual, and queer couples often pay more taxes when they sell or buy a property than married heterosexual couples. Good thing, the home buying experience for the LGBTQ+ community has been changing for the better. However, many of them still face some challenges.
In connection with Pride Month, we are here to help LGBTQ+ couples find an equitable and fair path to homeownership. Here are some homebuying tips for LGBTQ+ homebuyers.
1. Know your rights against discrimination
Recently, a federal judge ruled that the LGBTQ+ community is protected against any forms of housing discrimination. It is another win for equality and another reason to celebrate Pride month.
With the Fair Housing Act, no seller can refuse to sell to a home based on a person's gender identity and sexual orientation, no matter where you live in the country. However, since we are living in an imperfect world, there are no guarantees that LGBTQ+ couples will not run into prejudice at some point.
If you think you are being discriminated against on your homebuying journey, you can file a housing discrimination complaint.
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2. Marital status will not place you at a disadvantage
Federal law now protects the rights of the LGBTQ+ community to marry and receive equal access to joint mortgages, loans, and tax benefits. But it is still uncommon for unmarried couples to buy a property together.
Fortunately, your marital status will not be a basis for getting a loan. That's because banks look at applicants individually. However, it can still have a few extra steps to the process. There will also be instances that it causes delays.
There are several ways to simplify this aspect. For example, you and your partner can set up a joint account dedicated to insurance, mortgage payments, property taxes, repairs, maintenance, and other home-related expenses. Just make sure you and your partner are both comfortable with this arrangement.
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Keep in mind that owning property jointly is a big decision. There are several approaches to own a property together. It would be best for couples to talk to a financial planner before making big decisions about joint ownership.
3. Find the right real estate agent
To make your home buying journey less stressful, you might want to consider hiring a real estate agent who will also be your advocate. All agents have different specialties, so it's best to look for an agent who already has experience helping LGBTQ+ couples and home buyers.
They can be a huge benefit to you since they are already skilled in recognizing discrimination. They will help you connect with supportive resources.
4. Find the right neighborhood
All homebuyers must find a community that is fit for you and your family. Neighbors, businesses, and local parks end up being as much a part of "home" as your house does. It's essential to know how to screen places because most LGBTQ+ buyers include inclusiveness on their must-have list when looking for an ideal neighborhood.
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5. Connect with supportive home buying organizations
Various organizations help the LGBTQ+ have a fair and accessible home buying experience. Here are some of the resources that can help you:
The Human Rights Campaign
U.S. Department of Housing and Urban Development's LGBTQ resources site
Department of Veteran Affairs' Lesbian, Gay and Bi-Sexual (LGB) Servicemembers, and Veterans division
Your local ACLU chapter
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Aside from the tips listed above, it would be best to keep all your finances in order. Also, be mindful of making decisions together. Always trust your instincts when selecting a home. You should also be ready for the adjustment period whether you're buying a home for your own, as a couple or with children. Know that the entire process takes time. It can take weeks to several months. So be to think this through and plan.
