Unmarried Couple Home Buyers

Guide For Unmarried Couple Home buyers

You do not need to wait to be legally bound together before buying a home as a couple. An increasing number of unmarried couples are going the cohabitation way. Buying a home as a couple is a major decision which you need to ponder over carefully before taking the plunge. Read on to find out a few key points that you need to focus on while buying a home as a couple:

  1. Protection

Unmarried couples are not considered to be equal owners of a property automatically like in the case of married couples. You need to prepare a written agreement declaring the rights of ownership. This helps in tackling any future problems regarding financial settlements if you cannot continue with your partner. You can either choose joint ownership or the option of specifying the percentage of ownership that each partner holds. It is advisable to consult a lawyer for this procedure.

  1. Finances

Home purchase requires a substantial monetary investment. You need to have a frank discussion with your partner regarding the amount of debt that both of you can deal with comfortably. You need to keep in mind the total expenditure including the down payment, lawyer and broker fees, monthly mortgage payments, maintenance and upgradation costs. The budget should be prepared accordingly and the home search should also revolve around that budget range.

  1. Location and type of property

It is essential to agree on the setting of the home that you want to buy as a couple. This includes deciding the city and neighborhood, checking access to conveyance facilities and proximity to the workplace. After the location is finalized, the type of property needs to be selected. You can go for condos, single family homes or apartments depending on your preferences as well as your partner’s.

  1. Credit Scores

In most cases, unmarried couples need to take mortgage loans to pay for the property. If you are thinking about taking a loan, you need to compare your credit score with that of your partner to see if you are eligible for a joint loan or not. If the credit score of one partner is not good enough then the other partner should apply for a loan. However, the income of the applicant should be enough to pay the mortgage amount.

These few tips can help you to buy your first home as an unmarried couple successfully.

For guidance in buying a home in Connecticut, you can contact Buyer’s Trust Real Estate & Investment.

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Steve Schappert is Connecticut’s Home Buying Pro. Schappert is a buyer’s agent, a nationally recognized exclusive buyer broker and an award-winning Connecticut Home Improvement Contractor. Schappert is uniquely qualified to help you locate, negotiate and renovate your dream home or investment property.

A Buyer’s agent represents the interests of the buyer in a real estate transaction. The Buyer’s agent’s responsibilities to the buyer are: undivided loyalty, obedience, diligence, disclosure, confidentiality, accounting, and reasonable skill and care. All duties are fiduciary — they are owed exclusively to the buyer – NOT to the seller.” – CT Dept. of Consumer Protection

A buyer’s agent can work for a traditional agency which can put you at risk. Traditional agencies take listings and promise to get the top price for the seller. If you don’t work with an exclusive buyer brokerage that Never takes listings, you will likely end up signing a dual agency agreement.

Buyers Trust is an exclusive buyer brokerage. We NEVER have a conflict of interest with representation. Buyers Trust never ever represents the seller. At Buyers Trust Real Estate & Investment our life doesn’t revolve around trying to get paid by both sides. You can’t promise to get the best deal for both sides in a transaction. Think about divorce attorneys representing both spouses. At our first meeting we promise to do our very best for you and nobody else. Throughout the transaction that never changes. You will never be asked to sign a dual agency agreement.

Hiring a Connecticut exclusive buyer broker is the best decision you will make regarding buying a home in Connecticut. When NBC, Kiplinger’s Financial, Woman’s Day Magazine, The New York Times, Real Estate For Dummies & The Learning Channel (TLC) wanted to learn more about buying real estate, they called Steve Schappert and you should too!

Call Steve Schappert Today to Start The Connecticut Home Buying Process

203-994-3950   Email [email protected]