6 Tips on How to Buy a Condo as a New Couple
Published on: February 14, 2020
Updated on: April 21, 2022
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When you’re in a new relationship, one of the best ways to cement your love for each other is to own a home together. It’s romantic, and it represents your readiness to commit to your partner, long-term.
If, however, you’re an unmarried couple that’s planning to purchase a home, you have to be ready to face some issues if you don’t get your happily ever after. When you read a guide on how to buy a condo, you’ll learn about the many financial and legal things to consider. Credit scores, finances, ownership, and purchasing a unit will all be part of your long-term commitment. You’ll also need to take various types of risk into account.
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1. Be financially stable for a stable relationship
If you’re figuring out how to buy a condo for the first time, then to be financially stable together you first need to know each other’s financial statuses. Share details about your individual income and savings, to know if you’re even stable enough to purchase a new home. To be a financially stable couple, you also need to know each other’s credit scores. Credit scores affect your eligibility for a mortgage and the interest rate you’ll be given when buying a unit. Since you’re unmarried, you’ll be assessed as individuals--even if you apply for a loan together. So if one of you has a poor credit score, the other might be given full responsibility for the loan for your apartment. This makes the one with a poor credit score vulnerable if ever the two of you break up.2. Be open about your financial status
Talk to each other about your credit scores. Know who has the stronger credit score so that you can both decide who’ll take the loan for the property. Then, divide the responsibilities for the mortgage, down payment, and other expenses fairly. This openness about your finances will lead to financial stability and even relationship stability in the long run.3. Be in the know of the legalities
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