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Thinking of Moving in Together? ​​​​​​​3 things to do before you make the move...

You’ve been together for awhile now – maybe you find yourself spending more time at your significant other’s place than your own, maybe you’ve even bought a dog together, maybe you are thinking this person might be the one. With California real estate inventory as low as it is right now, it’s an amazing time to sell or rent out one of your properties if you both own. For those in which one or the other or both of you don’t own yet, buying a place together is an excellent way to invest in your futures and build equity. Certainly running one household is more cost effective than two, but how do you know if you’re ready to make the commitment?

1. Discuss your shared vision for the future.

Few things are more awkward than one partner revealing they never plan on having kids during an open house while the other is mentally choosing out wallpaper for the nursery. Whether you are in your first serious relationship in your 20s or divorced with kids at 55, it’s important to be on the same page with your partner when it comes to where you are and where you want to be. Is one partner fitting into the other’s household or are you creating a new shared space together? How will your current jobs and career paths affect your futures? Where do kids fit into your plans - the ones you already have or the ones you may want to have or never want? The time to start discussing whether you need that extra room for an office, an aging parent, or your adult children who still expect to live with you…is before you’ve rented out your own place or started touring houses with a realtor. 

2. Discuss your must-haves and “willing to compromises.”

You're a surfer who must have a view and be within a 15-minute drive from the beach. Your partner needs to be near good schools and have a backyard for kids and dogs. You have to have a home office. They have to have a place to entertain their friends. Your partner loves a project, but you can’t stand living in chaos. Nothing reveals a couple’s compatibility like looking for a home together. Especially with the current state of San Diego’s competitive housing market, you want to spell out your needs and discuss your deal breakers ahead of time. Understanding your priorities will keep you from hesitating and losing out on the perfect house. Knowing what you must have will also keep you from buyer’s remorse once you’re in escrow, an easy place to end up when you only have two days to make a decision on a San Diego condo. 

3. Discuss your finances - with your partner AND your financial advisor or lender!

You and your partner have good careers, you get along wonderfully, you find the perfect house, you make an offer – and then your loan pre-approval comes well under the amount you were expecting. By involving your financial advisor or lender into your plans for your future, you can better invest or divest your money to prepare for your new relationship and financial commitment in advance. Getting your own finances in order and discussing where to prioritize your money as a couple can help you make smarter decisions together, so that when the time is emotionally right, it’s also financially right!

Making your move in 2022? Contact me today for a real estate consultation!