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purchasing home with boyfriend

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sara_bell

Guest
What is the name of your state?What is the name of your state? Washington State

My boyfriend and I are planning on purchasing a house together in early 2005. We are not planning on getting married until the end of 2005. I am paying most of the down payment.
Is this too risky of a move before we are married? I want to buy a home when rates are good, but I don't want to make a poor descision.
(Note: we have lived togeter for over a year, have somewhat steady jobs, and currently split the rent 50/50)
Any advice would be much appreciated.
Thank you.
Sara
 


stealth2

Under the Radar Member
It generally complicates things when you aren't married, should you split up. And I know, I know - you're getting married at the end of the year. Stranger things have happened. I personally wouldn't advise it - just do a search of the site for people who've done this exact thing, and all the hassle they now have.
 
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sara_bell

Guest
Thank you....I know we are not immune to splitting up- in fact maybe that's why I was so concerned.
Do you think it would make much of a difference if we wrote a legal agreement that would protect my part of the investment, and had specific instructions for the event that we did separate before getting married?
Just a thought.
Sara
 

LdiJ

Senior Member
sara_bell said:
Thank you....I know we are not immune to splitting up- in fact maybe that's why I was so concerned.
Do you think it would make much of a difference if we wrote a legal agreement that would protect my part of the investment, and had specific instructions for the event that we did separate before getting married?
Just a thought.
Sara
Part of the problem is that if you split up you both can't keep the house. Neither one of you may be able to refinance it in your name solely. Therefore it may have to be sold. If sold shortly after a purchase its unlikely that any downpayment could be recovered. Selling costs would eat that up...and then some.

Therefore, unless you could technically afford the home on your own and could refinance (again incurring more costs and perhaps even more of a downpayment) there may not be any way to draw up papers to "protect your investment". If you can afford the house on your own you should probably buy it on your own. It you can't, then you should probably wait until after you are married.
 

VeronicaGia

Senior Member
Absolutely. If you can afford the house on your own, buy it solely. After you're married a year, if things look good, add him to the title and mortgage.

Either that or just wait. Interest rates have been good for a while now. I doubt they'll jump to the 12% range before the end of next year, but that's just a guess on my part.
 

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