December 06, 2021 2 min read

By Oscar Collins

Moving into a home with your partner is exciting, but it’s a long process. There are many responsibilities to juggle before you sign on the dotted line. Check out the most essential points to cover when buying a house with your partner to feel more at ease along the way.

1. Review Your Credit Scores

Your credit scores determine if you qualify for a large loan or no lending at all. Compare your consumer credit scores with your FICO score to learn where you stand. Lenders most often look at FICO scores, so ensure that it’s as high as possible before your first loan application.

2. List Your Home Priorities

The National Association of Realtors (NAR) found that 28% of homeowners want quiet neighborhoods, but is that on your list of house priorities? Talk with your partner about details like how many rooms you’ll need if you plan on growing your family or if you want a large yard for your dogs. Your combined lists will help you locate the perfect property after your search begins.

3. Discuss Potential House Add-Ons

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Most of the time, people buy a home that requires renovations or projects to make it the ultimate place to live. If you’re looking for waterfront properties, you may need to get a new dock. Some come with kayak racks for storing your kayaks by the water, while others have longer ladders for shorter waterlines.

Add-ons should also make your life easier. You might want an electric vehicle and the $7,500 associated tax credit for driving a green car. You’ll likely have to add a charging station to your driveway or garage to make your new home fit with your dream lifestyle. Don’t feel like you have to waste years waiting for the perfect house when you can quickly renovate a property to your needs.

4. Form a Savings Plan

You’ll need a down payment for your loan and your house, so form a savings plan based on your income with your partner. Determine how much you can put aside and how long it will take to reach the necessary deposit. You’ll also need to talk about if you’ll accept money from family — like 25% of homebuyers do — or if you’ll sell additional assets to bulk up your savings.

5. Schedule Your Homeowner Plans

After getting a house, you’ll have a few steps left before you can live happily ever after. You’ll have an expensive asset under your names, so get life insurance to ensure that you can keep your home if one of you passes away. You should also create or update your wills and have them notarized for the same purpose.

Enjoy Buying a House Together

There’s so much to look forward to when you’re planning on buying a house with your partner. Talk about these points before starting your search to gain a well-rounded perspective and prepare for the process.

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