You might have heard of the common proverb, “Love is Blind”, but do not follow the same concept when buying a 2 BHK or 3 BHK flats in Thane together. A lot of couples once the engagement is done start looking for a house. It is believed that a lot of couples buy a house before getting hitched. However, you should also know home buying is the biggest move a couple can take and hence should be done carefully. So, if you are planning to buy a house with your beloved before getting married, get rid of the financial heartbreak by keeping in mind these tips:
Consider Opening a Joint Account
In case, you do not have a joint account; you might want to open it as soon as possible. The same joint account can be used to pay the property taxes, mortgage, maintenance and also insurance charges. To ensure you do not forget to deposit the amount in your joint account, set up an automatic monthly deposit from your account. This ensures neither of the parties forgets to collect the money. Furthermore, you can even have home expenses automatically deducted from the account which simplifies the budget tracking and bill paying.
Compare the Credit Scores
When determining whether you can have enough money to buy flats in Thane, you might have already shared the income and saving details with each other. Another vital information you might want to share with your to-be spouse is credit report. This also goes for the partner who is planning to get into a business deal. Knowing the creditworthiness of the business partner works the best. If either of the partners has poor credit score it can have a significant influence on two major aspects:
Who will take responsibility for the loan
Title of the property
You should know married couples are considered to be a single unit, whereas it is not the same with unmarried ones as they are treated as individuals. So, before you start looking or flats in Thane, do not forget to compare the credit scores.
Agreement in Writing It Vital
It is advised to have the agreement in writing. You can do so by contacting a professional real estate lawyer. This majorly includes partnership, property, or even cohabitation agreement. This should also have complete details of the arrangement like what happens to the property in case you split up and also what percentage of equity each of the partners is entitled to.
Deciding on Managing the Costs
A partner is ultimately liable for the debt when he/she cosigns on a mortgage. So, in case the relationship turns sour, or you split up, or the partner stops paying entirely, the cosigner has to take up the responsibility.
Title It the Right Way
It is also important to decide on how you will take the title or own the house. You have three primary options:
A partner can hold the title of sole owner
Both the partners can hold the title as joint tenants
Share the title as tenants in common
These are some vital aspects unmarried couples need to consider when planning to buy 2 BHK or 3 BHK flats in Thane.