Should You Tie The Knot Before Buying A Home?

Buying a home and getting married are two of life's biggest milestones. But which should come first? Today, approximately 25% of couples between the ages of 18 and 34 choose to buy a home together before they tie the knot.

While there's certainly nothing wrong with this, there are a few things to consider before you can decide whether it's the right move for you. 

• Review Your Financial Standing
  Deciding whether to buy a home before or after you get married often hinges on each individual's financial health. If one or both of you have questionable credit, or either of your careers is likely to change in the near future, it may be a good idea to be patient when considering to buy a home together. That way, you can focus on other things, like potentially getting married, while your financial situations become steadier.

• Discuss How You'll Title Your Home
  The actual ownership of your home is determined through your deed, not the mortgage. How you title your home will determine both legal ownership and how the property can transfer.
  
  Your title options will also vary depending on the state where you live. Most homes are titled sole ownership, joint tenancy, or tenancy in common. In some states, married couples are subject to "community property" laws. There are pros and cons to each option, so it's a good idea to talk to an attorney and/or a financial advisor before deciding the best way to title your home.

• Agree on How You'll Split Costs
  Not only do you and your partner need to decide how (or if) you'll put your finances together to purchase the home, but there are also ongoing costs to consider. Beyond the monthly mortgage payments and homeowner's insurance, there are also issues like maintenance and upkeep, repairs, HOA fees, and any planned remodeling.
  
  Discussing how you'll handle these expenses in detail ahead of time can help you avoid conflict. Some couples decide to open a joint checking account and both contribute a set amount to it each month.

• Have a Formal Agreement in Place
  Once you've discussed all the items above, consider having a formal legal agreement drawn up. It should reflect all of the decisions you've made and what each of you has agreed to do. Doing so doesn't mean that you don't love or trust each other. Instead, it's a smart way to protect yourself and is always recommended.

• Make Sure You're Ready for the Commitment
  While most couples say buying a home together has strengthened their bond, it's also critical to be honest and transparent. Make sure you're frank with each other about your finances, future family plans, and career aspirations. These things are important to your long-term relationship and will also impact the ideal location, size, and price of your home.
  
  If you're planning on getting married, then you're likely already committed to each other. Before you sign on the dotted line, make sure you're truly ready to make this major commitment.

Purchasing a home together can be an excellent way to start your future off right, and you don't necessarily need to get married first. Just make sure to be open and honest with each other as you discuss each of the items above. This is the best way to set yourselves up for a solid financial future and a lifetime of marital bliss.

• How to Make Your Entryway More Functional
• Small Kitchen Improvements With Big Impact
• How to Improve Water Efficiency Around Your Home
• Storage Solutions for Homes Without Large Closets
• Planning a Backyard Space for Entertaining
• Easy Ways to Reduce Household Noise Between Rooms
• How to Create a Functional Mudroom in Any Home
• Simple Upgrades That Make Your Home More Energy Efficient
• Smart Ways to Improve Indoor Air Quality at Home
• Spring Décor Updates to Brighten Your Home

• Simple Daily Habits to Maintain a Cleaner Home
• Don't Let Winter Win: How to Freeze-Proof Your Garage

• When Buying New Construction Makes More Sense Than Resale
• What to Look for in a Move-In-Ready Home
• What Buyers Should Know About Flood Risk and Insurance
• What Happens Between Offer Acceptance and Closing
• What First-Time Buyers Should Know About Property Surveys
• How to Spot Renovations Done Without Permits
• What to Know About Homeowners Associations Before You Buy
• Touring Homes With a Critical Eye: What Buyers Often Miss
• How to Evaluate a Neighborhood During Different Times of Day
• The Best Home Styles for Enjoying Spring Weather

• What to Do the First Week in Your New Home
• What to Know About Using Gifted Funds for a Down Payment

• Why Outdoor Lighting Improves Evening Showings
• How to Handle Multiple Showing Requests Efficiently
• What Sellers Should Know About Buyer Contingencies
• How to Prepare Your Home for Last-Minute Showings
• When a Price Reduction Can Help Restart Buyer Interest
• How Professional Photography Impacts Online Listing Views
• The Hidden Costs Sellers Should Plan For
• What Sellers Should Know About Appraisal Gaps
• How to Prepare Your Home for a Competitive Offer Situation
• Packing Tips for Sellers: Preparing for a Spring Move

• What to Store, Donate, or Toss Before Listing
• What Buyers Notice First in Listing Photos