Buying a Home Before “I do”? Here’s 6 Tips to Keep in Mind

Buying a home is an exciting journey for any couple, married or not! However, when it comes to co-owning a property, things can get complicated if you're not married. Here are some tips to help you navigate the process smoothly and protect both of your interests.

Have a clear understanding of your financial situation

Before you start house hunting, have an honest conversation about your finances. Decide who will pay what and make sure both of you understand the financial commitment involved in buying a home.

Draw up a co-ownership agreement

A co-ownership agreement is a legal document that outlines the terms and conditions of your ownership. It should include details such as how much each person is contributing to the purchase, how expenses will be split, and what will happen in the event of a separation.

Consider a tenancy in common arrangement

This type of arrangement sets out who owns what percentage, clarifies the couple's financial obligations, and spells out each person's buying and selling restrictions and duties in the event of a split-up.

Title the property carefully

The way the property is titled can have significant legal and financial implications for both parties. It's important to discuss this with a lawyer and make sure the title reflects your intentions and agreement.

Obtain homeowner's insurance

Homeowner's insurance protects your investment in case of damage or loss to the property. Make sure both of your names are listed on the policy.

Have a plan for the future

Discuss what will happen if one person wants to sell the property, or if one person dies. It's important to have a plan in place so that the process is smooth and less stressful for both parties.