Do you and your partner planning to live in together and is on the search for that love nest? While this may seem like a good take to level up your relationship, try to get a halt first and think about these nine things by the infographic shared by Experian.co.uk and from Elle Decor. Anyways, you don't want to make any mistake on your first home buy with your partner, Right?
1. List down your priorities.
It would always boil down to this. What do both of you really want? This is a major decision that both must agree on and even meet halfway? Settle down what both of you need and start from there.
2. Ownership agreements.
This may seem to be not an issue at the onset of the process but eventually this should be handled at the very beginning. Know what type of ownership both of you will agree on. Would you agree on "joint tenants," which makes both of you have "equal rights for the entire property" or you just agree on "tenants in common" which is "share of the property."
3. Credit check
Knowing the level of your credit score can help you vouch for the approval of the mortgage.
4. Know every expense that the home will incur
This is an important note that both of you should know, which is everything that your house is expected to cost from the initial cost and also the payment you pay for future costs of the house.
5. Search for possible financial help
A loan can be helpful in the long run especially if the house you purchased is not of a measly amount.
6. Consider applying joint mortgage
Remember that once you applied for a mortgage account, in the future your partner's credit score will be also looked into by the creditors.
7. Keep The Exit Plan on Hand
In the future, one can never really tell how the relationship would go so a plan B or an "exit plan" must be decided by both of you right now.
8. The Living Agreement
To clear the monthly bills and house expenses that you would both be receiving in the future, try to list down his and hers contribution and even opt to make this legal so problems in the future will be swiftly managed.
9. Plan to make your will in order
This is important especially if your choice of ownership is "tenants in common," the part of the land you own "upon death will go directly to your next of kin and not your partner." according to Elle Decor.
