My girlfriend (of 3 years) wants to buy a home within the next month, because our lease is up. I just got a new job, and want to make sure I have the financial plan to make that type of commitment. She doesnt want to rent because she feels the money goes to waste (which I feel to), when we could be building equity.
I told her I would pay 60% of the rent and she could pay 40%, she didnt like that idea.
Any ideas or suggestions
2006-12-06 00:41:24 · 15 answers · asked by SomeInfo 3 in Business & Finance ➔ Renting & Real Estate
Why not?
Take the wise deal with her. Life is only for one time and unrepeatable. You can't turn back once you make a decision. She's right, rent an apt surely makes your money goes to your landlord. By buying a house you are investing your own future home with her. You pay the same price as if you have to rent, but in the end the house will completely belong to you.
But why worries? Why wait until you get married? Too long for that. Don't let marriage institutions limit your free will. Just try not to be so constraint with this life. To be more free.
Nothing fails if you get together with her under the same rooftop. Enjoy it as much as you still can. Better yet, you can save your financial things a bit with her shared.
All about living your life without any conformities, learning, making mistakes and taking risks .... just to experience.
.
2006-12-06 00:49:23 · answer #1 · answered by Anonymous · 0⤊ 1⤋
I would recommend waiting until both of you are ready. I say this because there is much more to owning a home than just making the monthly mortgage payment. Additional expenses, like taxes, assessments, maintenance equipment (lawn mower, snow blower, etc.), necessary and unexpected home improvements (new water heater, roof, etc.) add up SOO fast. Even with a brand new house. That said, it is a good time to buy. You'll have more to chose from and get more for your money in this market. If you decide to jump in and buy - DO NOT buy a home that will have a mortgage (including taxes/escrow) payment more than your current rent. You will be strapped and regretting in within the first year! I hope the advise of a seasoned home buyer helps you :)
2006-12-06 01:13:55 · answer #2 · answered by Penny 1 · 0⤊ 0⤋
In position like yours, it's a bad idea to buy a home together. You shouldn't buy a home together unless you're married. I would look further at your financial standings before attempting something like this. My advice is don't do it. But if you do decide to do it you should have a lawyer sign a contract between you and your girlfriend for the home. This idea is in the best interest to protect you and your girlfriend to keep either of you from screwing each other over. You always have to remember the difference between renting and buying a home. This is a general setting of a home:
Renting a home:
You don't pay for garbage disposal
You don't pay for water
You don't do the repairs if anything in your home is broken
The landlord is responsible for maintenance and other things
Buying a home:
You pay for garbage disposal
You pay for water
You have to fix and repair your own house
You are the landlord of your home
In buying a home you will have to take on reponsibility of other things that may come at an extra expense that may not fit your budget. If you do decide to buy a home you should calculate your budget before attempting. Otherwise stick to my first advice and don't do it.
2006-12-06 01:03:08 · answer #3 · answered by Soggy Waffles 5 · 0⤊ 0⤋
I think you should buy. Even if you need to sell soon after (you may break up or loose a job) you will be up on your money. Real estate is always going up, no matter where you are. You can always rent the property out and cover your loan payments that way.
I think you need to draw something up in writing between you though, so both your interests are protected in case you split up. Maybe see a lawyer.
If she is not happy with the 40%-60% split, you need to negotiate. Are you paying equal amounts for the deposit? Will both your names be on the loan and title of the property. Make sure that they are, so you are both tied in to the property and the repayment of the loan.
If you are seriously thinking of buying, it may also be time to consider marriage! You are obviously planning to live together and commit for a lengthy period of time. If you seriously do not see a future with this girl, do not buy and think about letting her go, so she can find someone who will commit to a future with her.
2006-12-06 00:56:11 · answer #4 · answered by Lilly 2 · 2⤊ 0⤋
wow..you got lots of info..
in buying..you can also enter this as a partnership
and have the lawyers/realtors draw up the agreement as such
so a 60/40 split can even be on the ownership.
just add it to all the other info..
i love owning my own property and highly recommend it..
just do the partnership..shouldn't cost much more in the legal end..
then if you break up either of you can buy the other out..or sell..
2006-12-06 01:13:23 · answer #5 · answered by m2 5 · 0⤊ 0⤋
Well, she is right, you are paying someone elses mortgage.
But, on the other hand....
Don't buy jointly unless you are married.
New job usually means high interest, unless your last job was long term and the same field, so waiting will pay off.
The solution would be for HER to buy her own place and you help her out until you are married and can buy another one jointly. That way you both win.
2006-12-06 00:55:51 · answer #6 · answered by Anonymous · 1⤊ 0⤋
As an investment it is a good idea. Not being married has its drawbacks. You are entering into a partnership and what if you break up? I would have some kind of legal partnership established when you do this. An LLC is my first impression but I am NOT a lawyer. Find one and go for it.
2006-12-06 00:50:07 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Don't do it, buying a house together is like a 30yr commitment. renting maybe a waste of money..... but owning with someone who your not married to could drive you crazy, also what happens if one day you wake up and decide you don't want to be with each other anymore? then what?
2006-12-06 00:52:55 · answer #8 · answered by shoe sistah 1 · 1⤊ 1⤋
ah,. i agree with the previous posts,. this is something that can really bite you if your not ready,.. what about a nice condo or something? Just sit her down and tell her how you feel... Perhaps create some kind of financial planning so you know when you are ready to embark on this venture,..
2006-12-06 00:50:46 · answer #9 · answered by Z 5 · 0⤊ 0⤋
its a BIG commitment dont do it unless you are really sure you want to be tied to your girlfriend for a minimum of 25 years for a mortgage. you could always move in with family maybe?? either that or you rent a property together first.
2006-12-06 00:51:32 · answer #10 · answered by togs 3 · 0⤊ 1⤋