Many couples consider buying a house together. Whether it is your first home or an investment property, buying a house together does have its perks. In fact, according to the 22nd Annual RBC Home Ownership Poll, 43 per cent of Canadians bought a home with their spouse or partner. Yet, while it does have its advantages, buying a house as part of a couple involves making big decisions and of course, some compromises.
“While purchasing a house with your spouse or partner may make sense for many, it's also one of the biggest and most complicated financial decisions a couple can make together,” explains Erica Nielsen, vice president, of home equity financing at RBC. “Before you start your house hunt, talk with your partner to ensure you are on the same page. Being prepared can go a long way in making the process more enjoyable and stress-free.”
Here is a list of important questions for couples to ask when looking to buy a home:
1. What can we afford? Make sure you look at all the costs – buying, maintaining, closing costs, etc. – and come up a budget you can both live with.
2. Where do you want to live? The neighbourhood you choose will greatly affect your lifestyle and is one of the biggest decisions you'll make. If you can't initially agree on a target neighbourhood, take the time to explore each other's choices.
3. What kind of house do we want? Do you want to move into a home that needs some renovations or do you simply want something that is “move in ready”.
4. How long do we want to live in the house? Decide if this is a starter or forever home. Knowing the time frame can help you determine your budget and make it easier to compromise on a final choice that you will both love.
More information is available at www.rbc.com/firsthome.