It can be an exciting time when you decide to move in with your partner. After all, it’s a huge step and will make you closer than ever. But there are many decisions to be made when it comes to where you will live and what to do with your properties?
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Here are a few things you might want to consider.
Take stock of your financial situation
Now is the time to be open and honest about your income and expenditure, so that you can both decide what is right for you going forward.
Should you sell your existing property?
If one or both of you own property, then you are in a strong position. Perhaps it makes sense for one of you to move in with the other, especially if the property is bigger, or in a good location. The other person can then sell on their property and then use any money for savings or as part of the equity on the other property if you are planning to become joint owners.
There are many great estate agents out there who can help you get a great price for your property, even in these financial times. There are many reasons why you shouldn’t sell your own home as various people might recommend. You don’t know how the market works and any mistake when it comes to contracts or legalities could cause a lot of problems.
Extra income – rent your existing property
You could also use an existing property to make some extra money by letting it out. Changing to a buy to let mortgage could lower means that your rent will be bringing in a nice profit for your every month, which you can put towards savings, living expenses or to pay the mortgage on your new property. If the property is in a popular area, you could potentially let it out as an Airbnb or holiday let. These could be very lucrative and bring in many times the amount you need to pay for the mortgage.
Of course, you may want to start your new life together in a different property. In which case, you may both sell your existing homes and then buy a different one together in a new place.
Buy for the future
If you are looking to buy a new property together, then you should decide certain things before you commit. Do you plan to have a family, or do you see yourselves living in a city or suburban area for the medium-term future? It’s important to talk about these things so that you don’t get trapped in a property that is unsuitable if the housing market changes suddenly.
Finally…
There’s a lot to consider when moving in together. Whether or not you’re having a trial run by having one of your moves in with the other for a while, or decide to buy a property, you must plan everything carefully to make the most of your money and ensure you’re doing what’s right for your plans together.
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I am a 50-something Torontonian who loves everything about my city. It’s been my home, my playground, for my entire life. I went to school here. I met my wife here. I own real estate here. I love writing about the transformation of my city on the world stage, which hasn’t been anything short of dramatic. That continues on, as I write this. I write on the real estate scene. I write on travel and fashion. I like following the world of luxury watches.
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