A very common question many couples have is whether they should buy a home before they get married or after. This question isn't just an easy one to answer with a yes or a no. Here's a look at what you should consider before buying a home as a married couple or an engaged couple.
The Convenience Factor
Fifty years ago, buying a home before marriage was unheard of. However, today, many couples are buying homes before they are even engaged. Those that are engaged find it more convenient to buy the home, move in together and then focus on the wedding.
Even though this may be convenient, the answer may be different for each couple. Before buying a home, whether getting married or already married, you should consider a few factors:
- The Type of Home You Want - If you cannot agree on a home together, as a couple, this can make it a bit harder to buy.
- Which Neighborhood? - It's important to narrow your neighborhood choices down to the top three you can both agree on.
- Budget - Of course, you want to consider your budget and it's important to remember that considering both of your incomes isn't always the best or safest way to budget.
- Who will Hold the Title? - If you're not married, will the home be in both your names or in just one name? You can use the Joint Tenants, Tenants in Common or Sole and Separate ways to hold the title.
Considering all of these factors will help you get through the buying process before you're married or after you get married. It's not crazy to buy a home as an engaged couple, but you will find that there is some compromise necessary to get the right home, in the best location for both you and your significant other.