PROPERTY NEWS - Buying a house has always been one of the top long-term investment choices you can make. Of course, doing all your homework beforehand is imperative to make sure that you select a good area, get a good bond repayment rate, and all additional expenses are carefully thought out.
Some prospective buyers, however, find it difficult after doing their homework to fund this new venture by themselves.
A natural progression from there for some is to extend the opportunity to include their significant other, especially if the plan is to have this person move in with you into said property, as a step forward in your relationship.
Co-habitation and co-homeowner status is a whole new chapter in your relationship, and for many, buying property together is the logical next step.
However, it needs to be given careful consideration before you take the big step:
Sit down and chat
First things first - sit down together and discuss your expectations, and what exactly you want to achieve by purchasing the property together. Everyone will have different priorities that will define what you want to gain from investing in this property together.
Is it a buy that will see you living in it for the long term, or is the goal a quick profit gain by refurbishing it and then reselling it?
Also, and most importantly, come clean about your current cash situation. This is a topic that some don't feel comfortable talking about, but when you are going at this together, you need to lay it all on the table - income, debit orders, expenses and credit card debt.
Not only will this help establish your combined financial situation, it will also help assess how much money each can contribute towards the house. And contributing doesn't just mean bond repayments; there are food bills, rates and taxes or levies to be paid, and unexpected, unplanned-for expenses are sure to crop up.
Seek out professional advice
As much as chatting to each other and laying it all out on the table is important, so too is seeking out professional advice, whether it be a financial consultant who can provide more concise understanding of your finances, or a property attorney that can guide you in terms of bond repayments and all other legal paper work that is part of the process.
An attorney can also help draw up documents that can be notarised, just in case things don't work out between the two of you after you have signed on the dotted line.
If you are in the process of buying a property with your partner, make sure it's a process that both of you are 100% committed to, and one that you are both excited about venturing into. It should not be a process that sees you lose sight of your reasons for doing this. Enjoy the new chapter of your relationship, and turn your newly acquired property into a home.
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