Buying a Home Together in San Diego
Deciding to buy a home together with your partner can be a huge decision. It’s a decision that will add a new dynamic to your relationship, and you’ll want to make sure you and your partner are on the same page. We’ve got some great tips to help you prepare for this big decision.
Chances are that you will be sharing many of the same priorities, but that doesn’t necessarily mean you will agree on everything. What type of home do you want? How important is a big kitchen? If you plan on having children in the future (or if you have them already), how important is it that the home you buy is in a good school district? What about the quality of the neighborhood? How long is the commute? Living in a lovely beach area like Carlsbad might sound like a fantastic idea, but if your job (or your partner’s job) is in Mira Mesa, the commute may be something you or your partner might not want to deal with on a daily basis.
Make sure you’re both on the same page financially. Make sure you both know what you’re committing to when you decide upon how much home you can afford. Keep in mind that a down payment is typically 20% of the home price, home inspections are approximately $315, moving costs an average of $1,170, closing costs are around 2% to 5% of the home price, and taxes and insurance costs can vary.
Check both of your credit. When you apply for a mortgage, both credit scores are taken into account. A lender doesn’t take an average of the two credit scores even if one is higher than the other, they generally will use the lowest score so both parties need to have good credit. If you want to exclude the lower credit score, one person can apply on their own, but only that person’s income will be taken into account when determining how much home you can afford.
Buying a home together is a big step, but taking the time to make sure you’re both ready and on the same page can make for an easier process for the both of you.