There comes a point in every relationship where you and your partner have drawers, cabinets, and closet space in each other’s homes. It doesn’t make much sense to pay for a primary residence that you never spend time in, but it might make sense to officially move in together.
Combining your lives under one roof is a big move that shouldn’t be taken until you figure out a few important things about each other.
1. Discuss the reasons for moving in together.
It’s important to discuss the underlying reasons for moving in together. Maybe you see you moving in together as a smart financial move. Just because moving in together makes financial sense doesn’t mean it makes sense for the relationship. Cohabitating too early in a relationship that doesn’t have a clear direction could end in emotional distress and financial headache if there is a breakup in the future.
2. Decide how to split household expenses.
Decide how to split household expenses before moving in. Talk about all the anticipated household expenses, and divide out the percentage of the bills that you are each responsible for assuming you both agree to share the load. It’s important to discuss each of your financial goals before committing to living together, especially if finances aren’t a topic that has come up before. Some couples may choose to keep finances separate and others combine them.
3. Open up about debt.
Most millennials carry some kind of debt such as student loans and credit cards. Your debt plays a big role in your monthly expenses and potential future as a mortgage loan borrower. Open up about your debt and figure out how it will factor into your share of household expenses.
Investing in real estate is a big decision. The first step to becoming a homeowner is to prepare for your first home purchase by speaking to a mortgage lender. Your monthly payment on a home loan depends on your borrower eligibility. The down payment you can afford and your credit history affects the interest rate you qualify for from a lender.
Loans help potential homebuyers find full-feature home loans and competitive rate mortgages from a range of financial institutions. No matter what type of loan you are looking for there is a loan program for every borrower. Whether you are considering conventional mortgages, a home equity loan, an FHA loan, or a VA loan you need the peace of mind of loan approval. Use a monthly payment or homeowner loan comparison to help you calculate your interest payments and start the loan application process so you can house hunt with a certificate of eligibility.
4. Talk about how to create a home together.
Moving in together means merging two different home lifestyles. Talk about how you will decorate your new home, what things you will share, what decor and furniture you each have, how you treat the home, and your creature comfort habits.
When you’re downsizing you may not want to part ways with all of your belongings and decide to keep them in a self storage unit. U.S. Self Storage can meet all of your storage needs with a range of storage units featuring amenities like climate control and security cameras. The self-storage facility has storage space rentals of all sizes available at thousands of locations across the United States.
5. Divvy up household responsibilities.
Figure out how you will divvy up the tenant responsibilities of occupancy. Will one of you cook and the other does the dishes? Are you both cleaning the home together or splitting it up by rooms? Talk to each other about what chores you prefer over others. You may be pleasantly surprised to find out that your partner enjoys maintaining the exterior of the home to vacuuming. Be clear about each of your cleanliness expectations and make sure you agree on how frequently chores should be done.
The key to successfully moving in together is a willingness to make compromises. Before you start packing moving boxes, have some open and honest conversations about things like finances, lifestyle habits, and how to handle responsibilities.
