Buying a house has and remains 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 are selecting a good area, you 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.
Moving in together is a whole new chapter in your relationship, and many see buying property together the natural step, but needs to be given careful consideration before you take the big step in co-habitation and co-homeowner status:
Sit down and chat
First things first, sit down together and discuss your expectations, and what exactly it is you want to achieve by purchasing this property together. Everyone will have a different ‘priority’ list of sorts that will define what it is you want to gain from investing in this property. Is it a buy that will see you in it long term, is the reasoning a quick profit gain by refurbishing it and then reselling it?
Also, and most importantly, come clean about your current cash situation. This is not a topic that some feel comfortable talking about, but when you are going at this together, you need to lay it all out on the table – income, debit orders, expenses and credit card debt. Not only will this help establish what financial situation you both find yourselves in, but it will also help assess what just how much money you both can contribute towards the house. And contributing doesn't just mean bond repayments, there is still all your food bills, rates and taxes or levies and there are always going to be unexpected bills to be paid along the way that you can’t plan for.
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 understandings of your finances, or a property attorney that can guide you in the right direction in terms of bond repayments, and all other legal paper work that you will have to sign during the process. An attorney can also help draw up documents that can be notarised, just in case you two find yourself in a not so comfortable situation if things don’t work out in the end after the dotted line has already been signed.
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 first deciding on this. Enjoy this new chapter of your relationship, and turn your newly acquired property into a home.