How to find a home that suits you both

5 important principles to consider when house-hunting with your honey

Did you buy your first home as a single woman? If you answered yes, you’re not alone. Single women account for roughly 20% of homebuyers. Now, more than ever, single women are seeing the benefit to investing in real estate. But what about the ladies who are currently looking to purchase a place with their significant other? Shopping for a home with a partner isn’t always easy. Whether you’re comparing mortgage rates or reviewing closet space, chances are you’ll both have differing opinions. Here are five basic principles to help smooth the ‘house-hunting with your honey’ process:

1. Define your must-haves

Your husband wants a big yard – you’d prefer a big walk-in closet. Which of the two can you live without? Before you begin your home search, sit down together and define your deal breakers. While a walk-in would be great, a sizable yard for your future children to play in is probably a more important requirement.

2. Discuss your expectations

Buying a home together is all about compromise. Unless you’re the exact clone of your partner (creepy), you’re going to have different requirements and expectations for your new home. The time to talk about general expectations of space and budget is before you meet with the realtor, but likely after you talk to your mortgage broker to see what you can afford. Once you know your budget, you’ll be able to flush out your needs and focus on realistic expectations.

3. Figure out your finances

Speaking of money… before you commit to a mortgage, make sure you take the time to talk to your partner about expenses. Remember, it doesn’t even have to be a 50/50 split, as long as both sides think it’s fair. For example, is one of you paying the mortgage - while the other covers maintenance costs - “fair?” Will you both contribute a percentage of your income to a shared “house” account? Discussing these requirements now will save you a ton of headaches and arguments in the future.

4. What happens when things go south?

Buying a home with your loved one isn’t a guaranteed homerun. More than half of all marriages end in divorce, so even though you’re in love now, things could change. While it’s an unsavoury topic, take a minute to discuss what would happen to the home if your relationship were to end. Would you sell the property? Would one of you buy the other out? What if one of you was to die unexpectedly?

5. Have a system

How will you and your partner compare the houses on your shopping list? Should you see houses separately? Perhaps you should create a checklist of requirements. Whatever system you come up with, remember to be patient. Pleasing two people with different tastes is never easy – but it’s not impossible either.

(Ready to start your home hunt? Now’s the perfect time to start the mortgage pre-approval process. Pre-approval is the first step to securing a mortgage and moving into your new- partner-approved! - home.)