Would you buy a house with your partner?

[Deleted]

Would you buy a house with your partner and if so how long would you have had to being together to consider it?

I don't know what the housing market is like elsewhere but in the UK there's a drastic drop in homeowners especially those young. The biggest decline in home ownership in the last 20 years has been among middle-income 25 to 34-year-olds, the Institute for Fiscal Studies said.

In 1995-96, 65% of this group owned a home, but just 27% do in 2015-16, with the biggest drop in south-east England. I also believe there's less insensitive amongst the 18-30 crowd to even live independently let alone buying a house. What with more people staying into education longer and prices ridiculous it's understandable.

[Elegiac]

No. Owning a house is like renting a property without any of the benefits. You have to do all of the repairs and maintenance yourself, and at the end of the day you still don't actually own your house.

Rent is a liability, but even a mortgaged home is a financial asset; it makes considerably more financial sense to own if you can afford it.

[Daedius]

Why wouldn't you? It's a big decision, no?

No. Owning a house is like renting a property without any of the benefits. You have to do all of the repairs and maintenance yourself, and at the end of the day you still don't actually own your house.

Spoken like a pauper !

I rent out a lot of property, said property all already paid for... I got the luxury of where if anything happens I can sell my assets, and in most cases they'd sell for a lot more than what I initially bought them for. They are literally an investment, as opposed to renting that nets you nothing...

Renting is fine for the short-term, but long-term... own it.

[Doctor Amadeus]

I already own a house without my partner and a few properties. The woman I am dating now, I don't know, we are doing the long distance thing, but I don't know I kind of like having her here, I wouldn't mind her moving in when the time is right as for anything further, if that love grows well then we get married she is going to get that anyways.

As long as you love them and really are going to build a family, it's no biggie, but it's best to be sure before rushing.

As for how long, UH, like a 2 years living together or more, then sure!

[Azadina]

No. Owning a house is like renting a property without any of the benefits. You have to do all of the repairs and maintenance yourself, and at the end of the day you still don't actually own your house.

Paying 400k to own 250k house sounds much better than paying 400k to own nothing. Latter is the case of rent.

[Low Hanging Fruit]

Wife and I do have a house. Owning is better in the LONG run but I don't think people should jump into it to quick. Get yourself good credit, get yourself a decent down payment, and understand that repairs are on your money. I see way to many really young people get into things before established credit and having a decent down payment get into owning and are BARELY making it. Then something horrible happens that insurance doesn't cover on the home and they are broken. Or one of the two loses a job and it tanks and ruins them for life.

If it isn't on the marriage level I would have a per-arranged way to separate the money between the two if things go south. If you are married (in any fashion) the law and lawyers will fight that all out for you on a plane that well understood. Non-married people doing this can get messy or even one person getting totally screwed making things worse.

[zealo]

No. Owning a house is like renting a property without any of the benefits. You have to do all of the repairs and maintenance yourself, and at the end of the day you still don't actually own your house.

Being a home owner is one of the safest investments for the future you could possibly make. Owning even a home you're still paying a mortgage on is a serious financial asset if times ever get rough for you.

[Machismo]

Buying a home makes financial sense in the long term. Seriously, it's not even close in almost all circumstances. If you are in a stable relationship, get it with your partner. If you are not sure, then buy one solely in your own name. In many cities, a mortgage costs less than rent, and you gain equity on the property. That may not mean much now, but it means hundreds of thousands of dollars over a few decades.

Or, think of it this way, it's a pay raise of $10-15K a year.

[Deleted]

Why wouldn't you? It's a big decision, no?

Buying a house with somebody is a big deal... There's issues when / if you separate for example

[Machismo]

Buying a house with somebody is a big deal... There's issues when / if you separate for example

I'm not sure about the laws in your jurisdiction, but you may want to see about buying it only in your own name.

You should also consider if home prices and interest rates are on the upswing. if they are, the longer you wait, the more costly it will get. As for your concerns about buying in with someone else, that is a valid concern. Are you going to be with that bloke in a decade?

[jellmoo]

Buying a house with somebody is a big deal... There's issues when / if you separate for example

It adds complexity, sure, but not really an insurmoutable amount. Sell the home and split anything left over after paying off the mortgage. Of course, it can always get messy face if the split is bitter and not amicable.

My wife and I own our house, and it was a no brainer decision for us. But I can see it being a big or difficult decision for other couples.

[sionus]

No. Owning a house is like renting a property without any of the benefits. You have to do all of the repairs and maintenance yourself, and at the end of the day you still don't actually own your house.

This is just wrong. You almost never lose money buying property. Even if you move and sell your property before your mortgage is fully paid off, you're very likely to have equity built up simply from market appreciation.

To the original question, no, it's a horrible idea to buy property with someone you're not married to.

[Kiramouse]

generally you shouldn't buy a house with anyone unless you're married. there are laws to separate assets when you divorce. you don't get that protection otherwise.

[Elegiac]

Buying a house with somebody is a big deal... There's issues when / if you separate for example

This is why I feel it's important for people to retain their own assets even in marriage.

[Player Twelve]

Paying 400k to own 250k house sounds much better than paying 400k to own nothing. Latter is the case of rent.

A house requires you to have a stable income or a lot of money to pay for the house right off the bat.

[Machismo]

This is why I feel it's important for people to retain their own assets even in marriage.

That's very difficult to do with a house, at least int he United States. many lenders won't even allow you to do it.

[Unholyground]

Owning a home if you take care of it and pay it off as fast as you can is one of the best investments you can make as an average person, it allows more financial freedom and allows your general income to go further. However there are always draw backs and unknowns in life with any investment, I say so far it was a great thing to do for the area I live in and it will allow me to do a lot more in the future. I bought my home when I was 25 and had 10% down, my only regret is that I did not have 15% which would have made life slightly easier.

[Tinykong]

No. Owning a house is like renting a property without any of the benefits.

The benefit is that, in retirement, you aren't paying $1000+ a month for housing.

[Deleted]

I'm not sure about the laws in your jurisdiction, but you may want to see about buying it only in your own name.

You should also consider if home prices and interest rates are on the upswing. if they are, the longer you wait, the more costly it will get. As for your concerns about buying in with someone else, that is a valid concern. Are you going to be with that bloke in a decade?

Well I am not actually buying a house or considering it (for various reasons) was more a question of curiosity fuelled by the story I linked

[zealo]

A house requires you to have a stable income or a lot of money to pay for the house right off the bat.

While it does require an upfront lump sum and a steady income to get a loan for it, it's still a more financially sound option for people who do have the money to do that.

The barrier to entry is higher than being a tenant, but the financial side of it serves you better in the long term. A mortgage is something you eventually pay off, and if you ever decide to move you'll get a significant lump sum back in return once that happens, bar taxation on the sale.