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Are You An Unmarried Couple Thinking About Buying A Home?

I’ve worked with unmarried couples that decided to purchase and settle before marrying; and I’ve worked with couples that will not be marrying – not in the State of Florida, anyway. 

The Miami Herald published a great article last week on this topic. If you are thinking about buying a home with a significant other you should read it!  There are 6 tips that are invaluable:

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1) SWAP FINANCIAL HISTORY

Know about each other’s student loans, credit card debt, retirement accounts, etc.

 

 

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2)  AGREE ON WHAT YOU CAN AFFORD

Determine what each person can (and cannot) contribute.

 

 

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3)  SIGN A CONTRACT

And this is not referring to a Sales Contract! Enlist an attorney and draw up a contract before you buy a property outlining contributing amounts, equity amounts, rights of survivorship, and the unthinkable: what if the relationship dissolves.

 

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4) UNDERSTAND OWNERSHIP OPTIONS

Joint Tenants vs. Tenants in Common

 

 

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5)  REVIEW TAX IMPLICATIONS

 

 

 

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6)  RESET WEDDING EXPECTATIONS

The author suggests there might not be enough money left over for a wedding after purchasing a home.  Hey, wait till you have kids!

 

 

To learn more about real estate in South Miami, Coral Gables, Coconut Grove, Pinecrest and Palmetto Bay, contact Val Byrne at val@valbyrnerealtor.com or by phone at 305-323-6231. Val Byrne – Working For You!