My significant other and I have been looking for a house for a couple months now and have had no luck. We are a younger couple looking for our first starter home. Any suggestions?
Hi, Ashley and welcome to the real estate boards! Yes, I do have some suggestions before you and your significant other seriously start looking to buy your first home.
If you are not married, then the two of you should approach the buying of real estate just as it is ~ a contract where both of you are equally obligated to pay the entire amount, no matter how many years that might take, absorb the loss if the real estate market takes a dive and questions on who will pay what IF times get bad and one or the other or you should lose your job.
Before buying any real estate jointly, you and your significant other need to consult with an attorney to specify in writing the obligations both of you are willing to assume and the efforts that both of you are willing to make sure that your house buying will be a win-win for both of you.
You will need to jointly check out each others' credit scores, financial reserves, savings and other assets available to pay for those unexpected expenses that always accompany home ownership - furnace goes out, hot water heater quits, pipes leak and the electrical goes on the blink at the worst possible time.
Are you ready for that? Ready for being responsible for the disasters that occur every day when you own your own home and no landlord to call? Take your time and buy when you are ready and able to assume the many thousands of dollars home ownership involves.....
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