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Tips for buying a home as a couple

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jamesflick
Tips for buying a home as a couple

As a couple there are very important steps and one of them is to buy a home as a couple . It is important to know that depending on the state of the relationship there may be differences when buying a home. Today we will talk about the differences that exist when buying a home depending on whether you are married or not. Let's go there!

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Buying as a couple: advantages and disadvantages

If you are thinking of buying a house and you have a stable partner, the best option is to do it together, since it will allow you to have many more purchase options. On the other hand, in case of separation, it will be more complicated, so it is interesting to see the pros and cons before making a decision.

Advantages of buying as a couple

  • It is easier for the bank to accept the request. The bank has more guarantees if there are two holders instead of just one, since the risk of non-payment is reduced and they will be able to face the payments by having more money.
  • More money, more debt capacity. If both owners work, the monthly income increases and you can afford a higher debt capacity and, therefore, a higher loan.
  • Better conditions. If the bank has greater security that you are going to pay, you can get better conditions than requesting it individually.

Disadvantages of buying as a couple

The great disadvantage occurs in case of separation or if one of the two parties cannot pay the mortgage. It is very important that when you apply for the mortgage you think long-term and that if one of the two parties is left without a job, they will be able to continue paying the loan.

On the other hand, in case of separation, you will have to choose different options: sell the house and cancel the mortgage, buy the other part or a condominium extinction.

Buying a home as a couple without being married

Now that we know what the advantages and disadvantages are, let's go to the key aspects. More and more couples buy a property without being married, but this means proving that the couple is consolidated in front of the bank. By not having a marriage or domestic partnership role, they have to see that you will not be taking more risks than necessary, and they consider that being married is more difficult for there to be separations and problems.

That does not mean that you cannot request it, simply, it will be better if you present a document elevated to a public deed in which some premises are stipulated in case of separation and how the mortgage would be managed.

Applying for a mortgage while married

In this case, no need to document marital property regime because in most regions in marriage and is linked to it. If you have established that there is separation of assets , the calculation will be made in proportion to the earnings of each party.

Key tips for buying an apartment

Now that we know the keys to buying a flat as a couple, we will give you some tips to avoid making the classic mistakes in this process:

  • Have expert help. It is essential to have experts to help you with the purchase and sale process and the mortgage application, in this way you can get the best conditions and they can help you with the search for your property.
  • Read the conditions and clauses well. Before signing anything, it is essential that you read it carefully and, if possible, that a lawyer do it. You do not want surprises in the future and, to avoid them, it is best to read it well and if there is something that does not fit you, consult it with experts.
  • Pick a good time to buy.  On the one hand, on a personal level, that you have a stable relationship and have no intention of moving to another city in the near future. On the other hand, at an economic and labor level, it is very important to have good stability and with the forecast that it will be maintained in the long term, it is necessary to minimize the risks of non-payment.
  • Avoid endorsement. If you cannot access a mortgage, it is better to wait to resort to an endorsement. Being a guarantor involves a series of responsibilities that can have very serious consequences for the person, so it is better not to risk it, since in case of non-payment the guarantor could lose all his assets.

Resources:

 

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