Unmarried Buyers Be-Aware Before You Purchase!

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In April 2013, Coldwell Banker conducted a Marriage and Homebuying Survey. The results were based on 1,073 respondents and show that:

  • 24% of U.S. adults ages 18-34 purchased their first home together with their current spouse before they were married, compared to those age 45+ (14%).
  • When looking at all married U.S. adults surveyed, 17% purchased their first home together with their current spouse before they were married.

Time Magazine’s MONEY polled 500 millennials about their financial attitudes about home buying. 40% think it’s a good idea for a couple to buy a home together before marriage, while 37% think the purchase should take place prior to the wedding.

But not every relationship has a happy ending and many financial planners advise against it. Purchasing a home is often the biggest and most financially complicated move a couple makes, and unwinding it can be especially difficult for unmarried partners if the relationship ends.

Low-rate mortgages, rising rental costs, and the ability to deduct mortgage interest from income taxes all make being a homeowner now rather than later seem like an attractive option.

If you and your partner think it’s a good plan to buy before you put a ring on it, follow these tips…just in case.

Know your credit scores. (click to read full article)

 



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