More and more people are buying condos and houses together before they marry, whether or not they even plan on it. This can be a great way to cement a relationship, but puts people into a whole new category that most don't even think about before deciding to buy. So how do you protect yourself and the relationship as homeowners and partners? TALK ABOUT IT! And make sure to do the following:
1. Put your intentions in writing- what will you do if you break up, loose a job, or someone passes away. In a break up it might be best to sell and divide the profits/loses equally.
2. Make a budget- who will pay for what? A 50/50 split would be nice, but rarely happens. Discuss what you want to purchase and save for in advance.
3. Make a house savings account- 6-12 months worth of expenses, including mortgage payments, utilities, etc, and large improvements you plan on in the future. If the worst does happen then you will have time to react and not loose the property.
4. Research the law- check with your Realtor and real estate attorney to find out what you can do to protect your assets and your relationships.
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