Being in a committed relationship can be exciting, but deciding to move in together into a new area or even planning to get a real estate property just for you two-love birds can be a bit tricky. Why? Well, not to be judgemental, but anything can happen during a relationship, therefore, there are surely some things that both partners should take note of before purchasing a house together in places like Semenyih. Here are some of them that both couples and partners should do if they’re getting themselves a place called home.
Things You Should Know About Buying A House:
First thing, getting a house while you’re in a relationship can be considered two things, first, it can be made as a better investment for both of you, as the real estate property will belong to you both. Secondly, this investment can be turned into profit, if you’re looking forward to renting it out, or selling it to other interested parties.
As in today’s topic, let’s talk about the precautions that can be taken earlier before purchasing a house together. This precaution is to set you up for best or worst in your life, as mentioned earlier, being in a relationship is not that simple, especially if you have decided to bring it top notch, then there are some risk associate with it, like breakups or separation which can literally strip you off from your ownership and title of owning the house at the first place. Hence, here are some things that you should consider doing while purchasing a brand new house for yourself.
Financial Agreement
Financial agreement is one of the best ways to ensure fairness in a situation. Try discussing with your partners when it comes to sharing both of your money in purchasing a property for yourself.
Financial agreement is one way of ensuring the amount that you will be able to invest in sharing a house in Semenyih, also, note to be taken, make sure to always have an open talk regarding both your financial state including debts, credits scores and other related financial issues.
Split The Cost Equally
Always remember to split the desired amount of money which is needed in owning a property. Splitting your money and your partners would enable equality between both of you when it comes to owning a property as there won’t be any partiality in this matter. This will show that both of you are equal in owning the place, and there’s no higher authority in this matter.
Get A Cohabitation Agreement
Cohabitation agreement is able to preserve the rights over the ownership of property between both parties in case any type of break up takes place. The effective way of getting a cohabitation agreement is through a lawyer or attorney. The execution of this cohabitation agreement should be executed properly in order to avoid any inequality from happening, therefore, here are some things that you should include in your cohabitation agreement between your partner and you.
- Sharing the housing expenses
- Type of ownership and entitlement in the house deed
- Buyout terms in case breakup happens
- Exit strategy if one decides to sell the property
- Dispute resolution in selling the real-estate property
Leave A Comment