Buying Before You Say "I Do"
I am working with several first-time homebuyers right now who are buying a house with a boyfriend or girlfriend but are not married, or even engaged. According to recent Coldwell Banker research, one in four couples between the ages of 18 and 34 purchased a home together before they were married. Many of the participants in the survey said that purchasing a home together strengthened their relationship.
But buying a home before getting married can lead to some potential headaches up front and disaster down the road (if the relationship fails). As Barbara Corcoran explains in the above video, it's important to have a written agreement detailing who will be responsible for what portion of the mortgage and household bills, as well as what will be done with the property if the couple breaks up. Also, there are many different ways to take title to the property, and the couple should think long and hard about how they want their legal ownership of the property to be defined.
This is a complicated issue, and it requires a thorough, thoughtful conversation with your partner and your real estate agent before going forward. For more advice on how unmarried couples should proceed when buying a house together, schedule your free, no-obligation consultation with me at any time, by calling 202-838-SELL (7355).