In traditional approach, a conjugal house comes after the marriage. Investing in a place that they can call home is then one of the very first life milestones for past generation couples. These days, however, the majority of millennial pairs want to experience what it’s like to live together before they enter marriage.
For starters, planning for a wedding can be stressful and without doubt expensive. Millennial couples are very practical to think that homeownership is a much better financial investment than any other major life goals or events such as getting married and having kids. But the question is: “Is it the right move for you?”.
Sure, it makes sense to stop renting and start owning a house when you both know that your commitment to one another is getting stronger and deeper each day. Then again, buying a home is never understated. Although it is increasingly becoming a common practice, still it’s crucial to find the right person to buy a house with whether that person is your spouse or not yet. After all, plans of buying a house before marriage should never be made overnight. First, consider the pros and cons of either situation to know which step works best for you.
Couples start the excitement of marriage sooner.
They say it takes a bunch of people living together to have a better understanding of their real attitudes and personalities. When you buy a home before you exchange your vows, every day becomes a great opportunity to bond with your partner on a whole new level. Living together in a house of your own allows you to understand the gist of married life before you reach a decision on making it official. This time, it’s not just about your own perspective as you start building your own family.
Higher credit score is considered.
Couples will likely be assessed individually should they plan to buy a joint house before the wedding. The best part is that your credit score will be the only one considered if it is much higher than your partner’s. But, if you want to secure a better mortgage, make sure you and your partner both have excellent credit reports. Otherwise, it may be better for you to buy a house after marriage in order to increase your chance of obtaining a loan.
Assets and debt are shared.
Designating a joint tenancy for homeownership allows two or more people to have access to the same home with an undivided share in the property. This means both you and your partner can take title to your first home regardless if you bought it before making your marriage official. Since the two of you will both purchase a home, combining your salaries can help handle debt together. Paying off your debt will be much easier and quicker if you both work together to cover
State laws may be a problem.
Before you start the house hunt, make sure you do some research on your state laws. Some states do not allow unmarried couples to share legal ownership of a home. If you find such rules in your area, it may be in your best interest to focus on the wedding prior to purchasing a home.
Either way, your next goal is to find the best place to dwell. Check out the amazing houses in Inner West Sydney to get you some home inspos.
Student debt will be a factor.
Just a little rain check for young couples trying to purchase a home together: if you still have an outstanding student loan debt to pay, the amount you owe may affect your credit score which, in turn, may also impact the loan amount you get approved for as well as the interest rates that follow.