I’ve been planning to buy a house for a while. And now it’s about to be real. I’ve been with my girlfriend almost a year and I know that’s not really that long but we are both serious and also very conscious about the fact that we may not be together forever. You never know when your feelings/life direction/or outside factors can change.
She’s living with me now in the apartment I already had and I make 90-100k (commission) and she makes a part time hostess wage since she’s still in school. It has been great living together for the last 6 months (yes, we moved in together pretty quick) and haven’t had any issues. Right now I cover rent, about $1000 after utilities. But we’ve been talking about how a house would work and we came up with a plan that we think is smart, equitable, and realistic. We could be totally wrong and looking for a potential reality check if one of you can see a scenario in which this doesn’t work.
So our idea is; I’m covering all costs associated with buying the house since it’s my house. And while we’re dating, we basically treat it like she’s paying rent, obviously lower than true market value, and the house and mortgage stay all in my name so we don’t get entangled, complicated, and risky. Again, we’re trying to be realistic. Then we’re thinking that if and when we get married, we put the mortgage/house into both of our names and we split the payment so that we’re both paying an equal portion of our incomes. Not an equal dollar amount but maybe yearly we can assess how much we’re each making and adjust, if necessary, what portion of the mortgage we’re each paying.
Is this adequate/necessary? Neither one of us likes the idea of joint accounts so even after marriage we’d each have our own incomes going into our own accounts. Is it necessary to add her to the mortgage once we’re already married? Even if her and I don’t work longer term, this will be good info. I don’t have much knowledge on financial planning outside of as an individual.
Submitted November 11, 2021 at 07:06PM by TooAfraidThrowaway21 https://ift.tt/31VuQUb
