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Message
Buying a house with my Girlfriend?
Posted on 6/27/21 at 10:57 am
Posted on 6/27/21 at 10:57 am
Thoughts and ideas on this?
Back story: We have been together for 10 months. We both live with our parents, and we both have full-time jobs. We both make the same amount of money each year and we both have the exact same amount of cash on hand.
We both love each other and think things are going great. We rarely argue over anything (I know this will change when we move in together haha) and our relationship is strong.
I believe in the saying "you don't know someone until you live with them" but we are both very not interested in renting as we are both saving tremendously from doing so.
Back story: We have been together for 10 months. We both live with our parents, and we both have full-time jobs. We both make the same amount of money each year and we both have the exact same amount of cash on hand.
We both love each other and think things are going great. We rarely argue over anything (I know this will change when we move in together haha) and our relationship is strong.
I believe in the saying "you don't know someone until you live with them" but we are both very not interested in renting as we are both saving tremendously from doing so.
41
Posted on 6/27/21 at 11:06 am to Curado Roy
you want financial advise or relationship advice?
for the former we need more info on your money situation and budget.
for the latter we need pictures of the GF
for the former we need more info on your money situation and budget.
for the latter we need pictures of the GF
Posted on 6/27/21 at 11:07 am to Curado Roy
I'm old school.
Commitment to one another is everything. There are deeper commitment paths than the one you are choosing.
That said, I am also a 'to each their own'. Good luck and hope everything goes well for the both of you.
Commitment to one another is everything. There are deeper commitment paths than the one you are choosing.
That said, I am also a 'to each their own'. Good luck and hope everything goes well for the both of you.
Posted on 6/27/21 at 11:07 am to Curado Roy
quote:
Buying a house with my Girlfriend?
quote:
We both live with our parents, and we both have full-time jobs. We both make the same amount of money each year and we both have the exact same amount of cash on hand.
Are you going to both be on the mortgage?
Terrible idea, ive seen this play out in my friend group twice and both times the relationship ended and fallout was messy because the house.
Only way I'd go into this type of situation is if only one name is on mortgage, thus only one person would kinda need to put up money for down payment. If it works out, in a few years, you all can balance the situation.
Sometimes the wrong technical financial decision is the superior decision even so. Rent for at least a year please.
This post was edited on 6/27/21 at 11:11 am
Posted on 6/27/21 at 11:08 am to Curado Roy
My thoughts are that this sounds like a terrible idea. Buying a house with a girl you’ve dated for 10 months while you both live with your parents?
Absolutely terrible idea. Get an apartment first and decide in 6 months if you want to marry her. Then, marry her and buy a house.
Absolutely terrible idea. Get an apartment first and decide in 6 months if you want to marry her. Then, marry her and buy a house.
Posted on 6/27/21 at 11:12 am to Curado Roy
I can't speak to the financial side, but this is a bad idea unless you know you're going to marry this girl. I doubt she sees the arrangement the same as you.
Posted on 6/27/21 at 11:17 am to supadave3
quote:
My thoughts are that this sounds like a terrible idea. Buying a house with a girl you’ve dated for 10 months
This
Unless you guys are getting married within a few months anyway- then it's almost the same financial risks if the relationship doesn't work out.
It sounds like you are setting up to be considered a participant in a common law marriage (if you live together in a monogamous relationship for an extended time). Is that your desired outcome?
If you are both on the title for the property you create financial issues even without being married.
Posted on 6/27/21 at 11:19 am to Curado Roy
quote:Investment in a home is quite a commitment. Not being flippant, but in that vein, I'd suggest you ask yourself why are you not married.
Thoughts and ideas on this?
Posted on 6/27/21 at 11:22 am to Curado Roy
Terrible idea.
Posted on 6/27/21 at 11:28 am to Curado Roy
Do it, you can’t buy the car until you test drive it. If you both are stable, then you should be able to handle it. What would be the difference if you got married then move in? A piece of paper?
Posted on 6/27/21 at 11:31 am to bubbz
Thanks Bubbz! I plan on marrying her just not sure when. I wouldn't be dating her if I didn't plan on doing that.
Posted on 6/27/21 at 11:46 am to Curado Roy
Here's the cons I would consider
Right now, housing prices are sky high. There's no guarantee they'll continue to stay that high, especially once the foreclosure moratoriums end. If there's a flood of foreclosures that start hitting the market, its probably going to drive the real estate market prices down. So if things don't work out for whatever reason and yall need to sell the house, you may have a lot harder time selling the house in a year compared to the current market. You may end up having to sell for less than you paid. Unless housing prices continue to rise, you still are likely to eat a loss by time you pay realtor commissions on the sale price plus any seller concessions for closing costs. Or the alternative is that if things don't work out, is one of you willing to buy out the other's interest and be able to qualify for a mortgage by themself since you'd need to refinance it in one borrower's name.
Its a big commitment so just be sure to think it all through with the head on your neck, not just the one in your pants.
Right now, housing prices are sky high. There's no guarantee they'll continue to stay that high, especially once the foreclosure moratoriums end. If there's a flood of foreclosures that start hitting the market, its probably going to drive the real estate market prices down. So if things don't work out for whatever reason and yall need to sell the house, you may have a lot harder time selling the house in a year compared to the current market. You may end up having to sell for less than you paid. Unless housing prices continue to rise, you still are likely to eat a loss by time you pay realtor commissions on the sale price plus any seller concessions for closing costs. Or the alternative is that if things don't work out, is one of you willing to buy out the other's interest and be able to qualify for a mortgage by themself since you'd need to refinance it in one borrower's name.
Its a big commitment so just be sure to think it all through with the head on your neck, not just the one in your pants.
This post was edited on 6/27/21 at 11:47 am
Posted on 6/27/21 at 12:00 pm to Curado Roy
I’d recommend posting on the OT board for some additional perspective.
Posted on 6/27/21 at 12:03 pm to Curado Roy
It worked for my wife and I, but we had been living together for four years before buying a house together. We got married two years after buying the house. We had both names on the mortgage. We knew we were getting married, but we were waiting on my wife to finish grad school.
I wouldn't even think of doing it after only ten months,especially in this housing market.
I wouldn't even think of doing it after only ten months,especially in this housing market.
Posted on 6/27/21 at 12:03 pm to Curado Roy
This is a bad idea. My now fiancé and I lived together for more than a year prior to buying a house together (and got engaged). 10 months is way too short...you are barely into that relationship.
Posted on 6/27/21 at 12:04 pm to Curado Roy
Don't do it- rent.
This post was edited on 6/27/21 at 12:05 pm
Posted on 6/27/21 at 12:05 pm to Curado Roy
I wouldn't buy a house right now with or without a girls friend. Too pricey. We're bound to see a dip in demand or spike in foreclosures outta this shitshow
Posted on 6/27/21 at 12:23 pm to Curado Roy
quote:
We have been together for 10 months.
That’s as far as I read. Whatever came after that would have to be pretty compelling to conclude anything other than terrible idea.
Posted on 6/27/21 at 12:34 pm to Curado Roy
Rent for a year
Posted on 6/27/21 at 12:58 pm to Curado Roy
Not saying it's a terrible idea. My wife and I bought our house together before we got married, but we had already been living together for 5 years before that. Having only been dating for 10 motths and never lived with each other, I think it's a bit soon and a bad idea at this point in your relationship.
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