Moving into a new home can be an exciting and stressful time. However, if in addition to moving into a new home you’re also going to start living with your partner for the first time, there’s going to be even more that you need to account for.
So along with figuring out how you’ll buy this new home together, here are three things to consider when you’re planning to move into a new home with your partner.
Talk About Money First
For many people, speaking about money can be a little awkward and taboo. But if you and your partner are planning to get a home together, you’ve got to have this conversation beforehand.
According to Laken Howard, a contributor to Bustle.com, even if you and your partner don’t choose to join some of your finances together, you’re going to need to figure out how you’ll cover costs and split things up fairly. Additionally, you’ll also want to speak with your partner about their financial philosophies and what their feelings about certain financial principles are. With this information, you can avoid a lot of potential fights or disagreements in the future.
Think About Your Debts
When buying a new home, one of the first things you’ll need to think about is how this additional debt is going to affect your financial life. But when you’re moving into this new home with your partner, you’ll both have to think about your debts and how they could affect your ability to get a home in which to live together.
Erika W. Smith, a contributor to Refinery29.com, shares that if you and your partner have a lot of debt between the two of you, you likely won’t get great rates on a home loan. Because of this, you may want to spend some time paying down your debts before you buy a home together.
Find The Right Location For Both Of You
Another thing to consider when you’re wanting to move in with your partner is where exactly you’ll live together. While you can move into one of your current homes, many people feel that starting a life together can be easier accomplished when you’re both starting fresh together in a new place.
As far as the location for your new home, Cynthia Meyers, a contributor to Forbes.com, recommends that you find a place that’s going to be a great location for both of you as well as fit into a neighborhood that you can comfortably afford. While you might be willing to compromise on these things right now, doing so could prove problematic in the future.
If you’re about to buy a new home with your partner for the first time, consider using the tips mentioned above to help you prepare for this new adventure.