Ready to Move in with Your Partner? 3 Aspects to Consider if You’re Not Married

You guys have been together for a while and you think it’s time to take the next step: getting a place together. Shackin’ up with your partner is a great way to save on bills while also showing your commitment to one another. These days, more and more couples are buying houses together before they tie the knot; according to Coldwell Banker Real Estate, it’s one in four couples between the ages of 18 and 34.   

With rent on the rise, couples all over the country are juggling the idea of buying a house instead of paying the same amount for a house in rent. However, even though it can work out well, it doesn’t always play out so happily if you are not ready to make the financial commitment on top of the romantic one.

If you aren’t married, you should consider the following factors that are most assuredly going to crop up at some point in the move-in process.

Your Relationship Will Change

The fun, casual color that previously painted your relationship will be washed away to reveal the stark and commitment-centric undertones of your new reality. Get used to seeing your loved one the way the universe intended them to look and not Saturday Night ready. That perfectly beautiful person you fell for is still in there somewhere, but now you get to see how much effort goes into putting the pieces of them together.

Open a Joint Bank Account

If you don’t already have one, you should pose the idea of opening up a joint account together. One that can be used to pay for shared bills like your new homeowners insurance rates, the mortgage, property tax and whatever maintenance the house will need. This will not only make these bills a more balanced burden on the both of you but makes it a much simpler process to pay for them.

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Simply commit to automatic monthly deposits into the joint bank account from your individual accounts, so that neither of you will forget.

Put an Agreement in Writing

When you are living with your significant other, you are effectively living as married people- whether or not you have a ring on your finger. You’re no longer dating. You have a joint bank account. Your financial success is deeply tangled in the ability of another person’s financial success. There is nothing that kills the flames of love faster than fiscal responsibility. However, moving in together is a commitment to the place you buy together and, more importantly, to each other. If you have an agreement written on paper on how to make payments (something that equitably fits both of your budgets), you are both accountable for holding up your end of the bargain legally. Which, while not the most romantic thing in the world, is still a necessary part of being in an adult relationship.

Just after marriage, buying a house is one of the biggest financial burdens that you will undertake in your life. Make sure that you do everything the smart way and you’ll find success in both of these endeavors.