Your Guide To Home Buying As An Unmarried Couple

by HOMESEARCH Realty & Investments, LLC 06/02/2019

Unmarried couples often find themselves surprised at the additional steps it takes to buy a home compared to their wedded friends.

This guide will help you prepare for buying a home together as an unmarried couple:

Banks will assess you differently than they would a married couple.

Whereas they look at a married couple as a single financial unit, you and your partner will be assessed individually. This certainly has its pro’s and con’s. Know that if one partner has a significantly lower credit score it can affect your eligibility for a loan as a couple.  

Legal ownership of the title will be different.

Unmarried couples have three options when it comes to title ownership: sole ownership, joint tenants and tenants in common.

Tenants in common is the most popular. The difference between tenants in common and joint tenants is this:

  • In a joint tenancy ownership is 50/50. If one partner were to become deceased, ownership of their half of the property would carry over to the other partner.

  • Tenants in common ownership can be disproportionate to reflect each partners level of investment.  If one partner were to become deceased, their living trust would inherit ownership of their portion of the property if another option is not otherwise specified in their will.

  • Sole ownership is just that. One partner owns full legal ownership of the property. This option can have tax benefits and increase your financing eligibility if one partner has a higher income or better credit score than the other.

It’s highly recommended for unmarried couples to sign a property, partnership or cohabitation agreement when buying a home together. This is a legal precaution to safeguard both partners in the future should anything happen.

If your finances are separate it is ideal to at the very least create a joint checking account from which to draw the down payment and mortgage installments. This is especially true if both partners are contributing to these payments. It create a clean, clearcut payment process each month.

Know each other's finances.

Discuss your credit scores, debt burden, savings, investments and financial goals. Get clear on where you each stand and how these factors will influence your buying process. Create a budget together as a couple to ensure you can take on not just the responsibility of a mortgage payment but also closing costs, homeowners insurance, property taxes and maintenance costs. Plan for savings like retirement, nest egg, family planning, future vacations, and emergency funds.

Buying a home together as an unmarried couple is a different process than that of married couples. However, that doesn’t mean it has to be harder. With an understanding of what to expect ahead of time and a plan in place, the process can be a smooth one.


About the Author
Author

HOMESEARCH Realty & Investments, LLC

Serving the Englewood, Rotonda West, Port Charlotte, North Port, Venice, Osprey, Nokomis and Sarasota, Florida Real Estate Market

Welcome! Bienvenue! Contact me anytime in English or French. Vous parlez Français? Contactez moi c'est ma langue maternelle!

Our Realtors services that go far beyond just listing and selling. Because each Real Estate transaction is unique, we simplify what could be a complex process into a smooth experience. We accomplish this by using the best professionals in multifaceted expertise, such as financial and public institutions, attorneys, appraisers, closing companies, insurance companies, and more. Whether you are Locally, National or Internationally located, our multilingual and multicultural Agents are focused to convey the specific knowledge needed for a successful investment. How do we make this possible for you? International networking, designated certifications and licenses, use of the latest technologies, experts forum, webinars, and much more.

Come and meet with us at our new Floridian style office, conveniently located in Englewood Florida, only a short distance away from Port Charlotte, Rotonda West, Venice and Sarasota. 

We look forward to meeting you soon,

Genevieve Poulain

     Broker/Owner

QUALIFICATIONS:

  • Geneviève Poulain is member of the National Association of Realtors since 1999
  • Member of local board EABOR Englewood Area Board or Realtor
  • Member of Englewood Chamber of Commerce
  • NAR-CIPS Certified International Property Specialist
  • NAR-TRC Transnational Referral Certified
  • NAR-SFR Short Sales & Foreclosure Certified
  • NAR-AHWDD At Home With Diversity designation
  • REALTOR of the Year 2010
  • Multi-Million Dollars Producer since 2000
  • CAM Community association management licensed in 2001

These skills added to her Associate Degree in computer science and a Bachelor’s Degree in Business Administration with a concentration in Marketing, are without any doubt the key of successful real estate career! 

Genevieve is Homesearch Broker of Record since 2008. In 2010 she become Broker/Owner.

In November 2012, she has decided to relocate her office to offer customers an easy access and a better exposure for walk in buyers. Her strategy is and has always been "a small team of experts to answer local, national and international customers needs"

Looking to buy a new home now? Looking for an experienced Homesearch agent to complete smoothly and successfully this road with you? Call Geneviève now to answer all your real estate questions, and show you the way to a stress free real estate experience.

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