With rising expenses and higher standards of living, it is a boon to share your financial liabilities with your spouse. However, it is not always easy to divulge your financial records as well as concede with your partner’s decision. In the process, you could mar your joint home buying experience. So, how do you know if it is the right time to purchase a home with your spouse?
Purchasing a property with your spouse involves huge financial, emotional, as well as time commitments. A house is probably the best investment one can make and it garners even more significance after marriage, especially if bought along with your spouse as it would convey an even stronger commitment. However, this decision should not be taken lightly. 99acres.com helps you decide if you are ready to buy a home with your spouse.
Buying your first home with your spouse makes most sense if you are planning to settle down in a particular location for at least a few years. A home is a long-term investment and if you do not intend to live in one place for an extended period, renting a home may be the smarter option. Rohan Agarwal, Managing Director, Geopreneur Group, advises that it would be prudent to discuss your family plans for the future before buying a house so that the house does not end up too small for your kids in the future.
Do you agree on the requirements of your home?
Another important question to ask yourself while planning to buy a home with your partner is whether both of you agree on the features you want in your dream home. If one of you wants an apartment in a high-rise in the city while the other wants a newly-constructed ground floor or a unit in a builder floor in a quiet suburb, you need to sit down and have a discussion. Sort out your priorities and which aspects you can compromise on. This will ease your property search and ensure that both of you have the same requirements.
Do you have stable jobs?
Agarwal asserts that job and career stability is a crucial factor for buying a home. If both the partners have stable jobs and a fixed income, it becomes much easier to get a loan as well as pay it back on time. In case either of you is planning to switch jobs or take a sabbatical for any reason, you should postpone your decision to buy a house until both of you are economically stable.
Have you planned the financials?
Agarwal advises that potential homebuyer couple should also analyse their respective savings and decide how much of it they are willing to invest on the down payment. Furthermore, buying a home does not just involve the cost of the house. There are several other costs such as stamp duty and registration charges, interest on the home loan, moving costs, renovation costs, utilities and property taxes. These costs are over and above your monthly living expenses and must be analysed properly.
It is very crucial to have a clear communication with your partner while buying a home to avoid any regrets later on. The process will be a more successful one if you work as a team and support each other through all the decisions and negotiations.