Are you ready to buy a house with your part­ner?

Here’s six signs that it may be time

Whitsunday Times - - REAL ESTATE -

SO YOU’RE liv­ing in do­mes­tic rental bliss with your part­ner when the con­ver­sa­tion in­evitably turns to buy­ing a house to­gether.

Ex­cite­ment builds as the ben­e­fits of en­ter­ing the prop­erty mar­ket beckon, but so does the re­al­i­sa­tion that buy­ing a home comes with big fi­nan­cial, emo­tional and time com­mit­ments.

How do you know if it’s the right time? Here are six signs that in­di­cate you and your part­ner could be ready to buy:

1. You’re ready to set­tle down

Buy­ing a prop­erty is a long-term in­vest­ment; to get the most from it you should be pre­pared to hold onto your new home for at least a full mar­ket cy­cle – around five to seven years.

That means you and your part­ner should be ready to set­tle down in one place for an ex­tended pe­riod.

2. You’re both happy in your ca­reers

Job sta­bil­ity is im­por­tant when you have a mort­gage to pay.

Hav­ing a set, reg­u­lar in­come will help you plan your house­hold bud­get and min­imise any nasty sur­prises.

If you or your part­ner are con­sid­er­ing a ma­jor ca­reer change, or are not happy in your cur­rent jobs, it may be wise to put off buy­ing a home to­gether un­til your ca­reers are where you want them to be.

You’ll need to sup­port each other through the search, and work to­gether at high-pres­sure auc­tions and ne­go­ti­a­tions.

3. You want the same thing

If you’re dream­ing about a ren­o­va­tor’s de­light but your part­ner is keen on a trendy new apart­ment, you’re due for a dis­cus­sion.

Com­mu­ni­ca­tion and com­pro­mise are the key words here.

Write a list of ‘must-haves’ and sec­ondary ‘should-haves’ that you both agree on.

These will help to govern your prop­erty search and en­sure you’re both read­ing from the same page.

4. You agree on lo­ca­tion

Have you de­cided ex­actly where you’re go­ing to live?

This can be a point of dis­agree­ment – es­pe­cially if your fam­i­lies live far apart or if you and your part­ner work at op­pos­ing ends of a city.

To reach an agree­ment, con­sider com­mute times and scout lo­ca­tions that will work best for both of you.

5. You have some sav­ings

In ad­di­tion to sav­ing a de­posit for your new home, you’ll also need to cover other ex­penses that come with home own­er­ship such as mov­ing costs, trans­ac­tion costs, util­i­ties, re­pairs and rates.

It’s im­por­tant that you and your part­ner have both made a com­mit­ment to tighten your dis­pos­able in­comes to boost your sav­ings power.

6. You work as a team

Find­ing the right home for you – es­pe­cially if you’re first-home buy­ers – can be a chal­lenge.

You’ll need to sup­port each other through the search, and work to­gether at high-pres­sure auc­tions and ne­go­ti­a­tions.

The buy­ing process can be­come eas­ier if you can lean on each other through the stress­ful times.

When it comes to buy­ing a prop­erty with your part­ner, com­mu­ni­ca­tion and com­pro­mise are vi­tal.

Get that right and you’ll be on your way into your new sweet home.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.