Buying a home with someone else, whether it’s a spouse, partner, or friend, can be a great way to split the costs of homeownership and share in the joys of decorating and living in a new space.
However, it can also lead to disagreements and challenges when trying to agree on everything from the location to the price to the style of the home.
Buying a house before marriage is the perfect example of two people who can end up disagreeing on simple things when tastes clash.
Here are 10 tips for compromising when buying a home with someone else:
1. Set a budget and stick to it
One of the biggest sources of disagreements when buying a home is money. It’s important to set a budget together and agree on a price range you’re both comfortable with. This will help you avoid overspending or being tempted by homes outside your price range.
2. Consider the location carefully
If you’re buying in an expensive area, you may need to compromise on the size or style of the home to stay within your budget. Discuss your priorities and decide what’s most important to both of you regarding location, such as proximity to work, hospitals, and shopping. If you’re moving with kids, you’ll also want to consider the school district.
3. Communicate openly and honestly
It’s important to have open and honest communication with your partner. Be clear about your needs and wants, and be willing to listen to the other person’s perspective. This will help you avoid misunderstandings and make compromises that work for both of you.
4. Be willing to compromise on style
If you have different decorating styles, it may be challenging to agree on the look and feel of the home. Try to find common ground and be open to incorporating elements of both styles. You may also want to consider hiring a decorator to help you find a style that works for both of you.
5. Hire a real estate agent
A good real estate agent can help you navigate the buying process and provide valuable insights and advice.
They can also help mediate disagreements and negotiate with the seller on your behalf. Just be sure to choose an experienced, trustworthy agent who doesn’t charge an excessive commission.
6. Be flexible on the timeline
If one person needs to move long-distance, for example, adjusting the timeline for buying a home may be necessary. Be willing to be flexible and make adjustments as needed to accommodate both of your schedules and needs.
7. Make a list of must-haves and nice-to-haves
Prioritize your needs and wants and make a list of non-negotiables versus things that would be nice to have but aren’t essential. For example, if you have pets or kids, having sidewalks may be essential. On the other hand, if you don’t tend to spend a lot of time outside, not having sidewalks may not be a dealbreaker. This will help you focus on what’s most important and avoid getting sidetracked by minor disagreements.
8. Take turns compromising
When you hit a roadblock or disagreement, try taking turns compromising. For example, if one person is set on having a large backyard, but the other person is more focused on having a large kitchen, you could take turns compromising on those features.
This could involve the first person giving up their insistence on a large backyard in order to compromise on a larger kitchen, and then the second person later compromising on something else that the first person is more concerned about. This approach helps to ensure that both parties feel heard and that you can both get some of what you want, while also avoiding a situation where one person always has to compromise more than the other.
9. Get pre-approved for a mortgage
Getting pre-approved for a mortgage can help you avoid surprises and give you a better idea of what you can afford. This can also help avoid disagreements over finances later in the home-buying process.
10. Keep an open mind
Finally, it’s important to keep an open mind throughout the entire process – from house hunting to closing day. Be willing to consider different options and be open to compromise. Remember, you’re buying a home together, so making decisions that work for both of you is important.
Buying a home with someone else can be a great way to achieve homeownership and share in the joys of creating a home. However, it’s important to be aware of the potential challenges and disagreements that can arise.
By setting a budget, communicating openly, and being willing to compromise, you can navigate the homebuying process and find a home that works for both of you.
Remember, buying a home together is a partnership, and it’s important to work together and make decisions that benefit both parties. With these tips, you can turn your dream of homeownership into a reality and enjoy the benefits of sharing a home with someone you care about.