INSIGHTS ABOUT BUYING AN EDMONTON HOME BEFORE MARRIAGE
Many couples consider purchasing an Edmonton home before getting married. It is an investment and at the same time a security for building a family once married. One in four couples between the ages of 18 and 34 bought a house before getting married. Knowing the Edmonton home buying process is important. To learn even more here are some insights about buying an Edmonton home before getting marriage.
Mortgages
There are advantages and disadvantages for unmarried couples when buying an Edmonton house. The couple will be viewed as two separate individuals. But the couple can purchase an Edmonton home together which will create flexibility for both of them
Make a Joint Bank Account
Consider setting up a joint bank account when buying an Edmonton home as an unmarried couple. It will help simplify all the budget tracking associated with the home. The account can be used to pay the property taxes, insurance, mortgage and maintenance of the Edmonton home.
Managing Expenses
By opening a joint bank account the couple can track Edmonton home expenditures, keep everything fair and have a simple way to show Edmonton home rates on your taxes. But by cosigning on a mortgage, know that you are 100% liable for the debt. This means that if your relationship ends and your partner stops paying then you will need to assume the entire obligation.
Document Everything
You can avoid unnecessary trouble through the process of buying an Edmonton house by preparing a written agreement. Get an attorney to draft a document which dictates the property partnership into with details that outline the responsibility of each partner. This agreement can save you a lot of stress in the event that something happens tragically to your partner.
Preparing For Bad Things to Come
It is necessary to have this plan organized because there are many financial complications involved in buying an Edmonton home. By preparing for the worst, you can protect yourself and your spouse. By no means is it an easy conversation to have but it is necessary to discuss options and scenarios when it comes to death or dissolution of the relationship.
Marriage is a lifetime commitment which can take its first steps inside an Edmonton home, often leading to the eventual establishment of a family. When you are about to get married, knowing and being prepared for what’s to come is the best way to own your own Edmonton home –before you say “I do”!
Remember to follow Serge on Instagram @SergeBourgoin and get a first hand view on how he’s helping Edmonton homebuyers, sellers and investors.
For a complete list of available Edmonton homes for sale, check out the new Edmonton MLS listings.
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