Many couples consider that before getting married, an Edmonton home purchase should take place. It is an investment, and at the same time a security for building a family. One in four couples between the ages of 18 and 34 bought a house before getting married. Understanding the Edmonton home buying process is important. To learn even further, here are some insights about buying an Edmonton home before marriage.
There are pros and cons for unmarried couples when buying an Edmonton house. The couple will be viewed as two separate individuals, but they can still purchase the Edmonton home together. This will create flexibility for the couple.
Create a Joint Bank Account
If you don’t have one yet, consider setting up a joint bank account when buying an Edmonton home as an unmarried couple. The account can be used to pay the property taxes, insurance, mortgage and maintenance of the Edmonton home. It will also help to simplify all the budget tracking associated with the home.
Opening a joint bank account is a great way to track Edmonton home expenditures, keep everything fair and a simple way to show Edmonton home charges on your taxes. However, you are 100% liable for the debt when you co-sign on a mortgage. This means that if your relationship ends and your partner stops paying, you will need to take responsibility.
Put Everything in Black and White
By preparing a written agreement you can avoid unnecessary turmoil through the process of buying an Edmonton house. Hire an attorney to draft a document which dictates the property partnership. This agreement should detail the responsibilities of each partner. This agreement can save you a lot of trouble in the event that something tragic happens to your partner.
Having this plan arranged is not an easy conversation to have but a necessary one. There are many financial consequences involved in buying an Edmonton home that you have to prepare for including such things as death and illness. You want to protect yourself and your spouse. Discuss options and scenarios when it comes to death or dissolution of the relationship.
Marriage is a lifetime commitment which takes its first steps in living in your Edmonton home where eventually a family may be created. Knowing and being prepared for what’s to come is the best foundation when purchasing your own Edmonton home - before you say “I do”!
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