Talking to Your Partner
Buying a house...or two
No matter the size of the family, whether you have kids, you’re looking to downsize, you’re just starting out, or you’re thinking about a lovely vacation spot, one of the biggest decisions you get to make is where to live. Once you have a place in mind, the next thing to decide is whether to rent or buy.
Buying a house, or a vacation home, can be a solid investment that becomes part of your financial future. It can be a thrill. It can also be a nightmare if you don’t do it right. So, when you bring up the subject of making that investment, don’t be surprised if your partner doesn’t buy in right away.
Buying a house is a huge commitment. It’s a decision that everyone needs to agree on. It’s where you’ll spend a good chunk of your time and becomes the focal point of your home life. So, it’s not something to take lightly.
You can never talk too much about a purchase this big. So, to get things going, think about:
- Making your case. If you want to buy a house and your partner doesn’t, there’s no use beating around the bush. Be direct. Be open. Be honest. Start talking about what you want and why. Mention what you see as the benefits and show that you are aware of some of the possible challenges.
- Running the numbers. Because buying a house is expensive, the first response you’re likely to get is that it’s just too expensive. And while you can’t brush those concerns aside, you don’t need to give into them either. Run through various scenarios and see how your finances match up against the purchase. What makes sense? Could you really afford something compared to what you’re paying for now? What are some of the long-term benefits of owning instead of renting?
- A home as an investment. People tell you owning a home is an investment. There are often tax advantages that make it more attractive than renting, if it suits your lifestyle. Be sure to explore those advantages to see how they may apply to your situation.
- Looking beyond the numbers. Yes, buying a house or vacation home is a huge investment, but there are other advantages that have little to do with money. It can truly be your plot on the planet, the place to call your own. You make the rules, not your landlord, and you can do with it, decorate it, sing in it, dance in it, celebrate in it, refresh in it, as you please.
- Keeping it real. We all want nice things in life and most everyone wants to be proud of their residence. Many think it represents who they are and what they’ve accomplished. But, be careful. You want to make sure you stick to your budget and a lifestyle you can support. Investing too much in a house too quickly or with terms that seem too good to be true can lead you into financial trouble.
You want a house. You want a home. You need to discuss the facts and why all this matters so much. Then be prepared to listen to the other side. Maybe you both want the same thing, but have different ideas on how to get there. You can’t buy a house with money alone. You need to talk!
This article is provided for general, informational purposes only and is not intended as advice specific to your situation.
