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Buy a House with Boyfriend?

February 6th, 2011 at 08:22 pm

Boyfriend and I have kicked around the idea of buying a house together. Boyfriend needs to sell his current home for his own reasons, and expects to realize a decent amount of cash. We have talked about him moving in with me, and plan to do that once he has everything in order. The appeal for him to buy another house is that he doesn't want to sell low and then be out of the residential real estate market altogether. The appeal for me to buy another house is that I think we are about at the bottom and I stand to enjoy some nice appreciation from buying now.

(I live in one of the worst hit areas. Home values in my town have fallen two-thirds from the bubble peak.)

I would have to turn my current house into a rental which is not completely thrilling to me. I have been a landlord in the past so am familiar with the "joys" which can crop up. Smile

If we bought a house together, we would go half-sies. Probably, he would put his half down and I would take a mortgage for the other half. The payments would be substantially smaller than the payments on my present home, and should be more than covered by the rent I would collect on my house. I've already talked to my current lender (Wells Fargo Home Mortgage) and discovered that I qualify if I decide to go ahead.

I am unwilling to move into a home which he buys solo and rent out my home. In that situation, I take on the risks associated with being a landlord but do not participate at all in the potential appreciation of the home he buys.

Thoughts?

Posted in Uncategorized | 6 Comments »

6 Responses to “Buy a House with Boyfriend?”

  1. wowitsawonderfullife Says:
    February 6th, 2011 at 11:30 pm 1297035056
    1297035056

    Hmmmm, the first thought I had is how stable is your relationship? You don't mention anything about it.

  2. Petunia 100 Says:
    February 7th, 2011 at 12:05 am 1297037152
    1297037152

    It's very stable. BF and I met 1.5 years ago through a mutual interest and hit it off immediately. Currently, we live in different cities and see each other mainly on weekends.

  3. wowitsawonderfullife Says:
    February 7th, 2011 at 01:34 am 1297042461
    1297042461

    Ok, so I would recommend having a conversation about what you both want. What do you hope to have together in 2 years and 5 years? If you both agree then go for it. I bought with my partner after 6 months and we're still going strong two decades later but we didn't have the conversation. I was just lucky. Good luck and enjoy my two cents worth.

  4. mamas debt time out Says:
    February 7th, 2011 at 06:12 am 1297059162
    1297059162

    I think you should try living with him for a period of time to see how he is during the week too. wowitsawonderfullife is right about discussing what you want in 2, 5, more years. If how he behaves matches with what you discussed, sure why not. However... the fact that you're wondering if it's right or not should also tell you something is off.

  5. LuckyRobin Says:
    February 7th, 2011 at 06:57 am 1297061850
    1297061850

    I wouldn't even think about buying a house with your boyfriend until you have been together at least five years. A house is a very big commitment and you want to make sure you're relationship is going to go the distance before you get tangled up in homeownership with someone.

  6. Ima saver Says:
    February 7th, 2011 at 03:28 pm 1297092507
    1297092507

    I have to agree with luckyrobin!

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