Once you move in with a partner, you know you have reached an important milestone in your relationship. For the first time, you could be talking about money with your partner. Whether you’re moving into an apartment or buying a home together, it’s important to break down how you’ll merge your finances together.
While it’s one of the least romantic conversations that you’ll probably have as a couple, sharing your financial situation is one of the most vital. Below you’ll find some tips on starting that conversation and making it a smooth one.
In any relationship, honesty and communication are key. This is especially true when it comes to finances. There’s a lot that goes into your own financial picture, and it’s important that you share that with your partner. This is important for everything that will happen in the future including purchasing a home. Some things that your partner should know:
- How much loan debt you have
- A rough idea of your credit score and history
- Your income
- Your spending habits
- Your saving habits
It’s important to know how another person’s habits will affect you as a whole when you’re thinking of making an investment together like a piece of property. Everyone handles money differently, and you should know how someone’s spending habits meshes with yours. Do they live paycheck to paycheck? Do they save money regularly? Are they financially strained? All of these questions help you to understand where you are similar and where you are different when it comes to money.
Have A Plan For How You’ll Divide Expenses
It may seem like a 50/50 split on expenses makes the most sense. For many couples it does. In other situations, if one person makes more money, they may need to pay a bit more of the costs. Some couples have one person pay the rent while the other takes the utilities on as an expense. Take amounts and percentages that you feel comfortable with and do what wrks best for the both of you.
Remember that chores count too when it comes to dividing up the “expenses.” This is just an extra tip that will help you to build a stronger relationship in the long term and help to save arguments.
Use A Joint Account For Expenses
You should still keep your own bank accounts when you move in with a significant other. All of your money shouldn’t be funneled into one singular account. Create a separate bank account for your expenses like rent or mortgage and utilities. All of your personal expenses should come out of your own respective accounts.
No matter how much you feel that you can trust a person, it’s always good to put everything in writing. This way, if there are any disputes in the future, you’ll always have a contract that you can refer back to. It’s also important to have these documents for things like security deposits or down payments. If the relationship ends at any point, it’s important for the person who paid for certain things to get their money back.
Planning and tracking your finances when you move in with a significant other is important. It will certainly make your life easier if you have these conversations beforehand.
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There’s a lot of design trends that you’ll want to keep up with as a homeowner. What are people doing to their backyards to make them more beautiful? What types of countertops are buyers looking for these days? Some trends are beneficial. However, there’s a lot of trends that can be detrimental to your home. You want your home to be an expression of who you are, however, there are some trends that just aren’t attractive to buyers.
Bright And Bold May Not Be Beautiful
While that lime green room may look really attractive to you, it probably won’t look as good to anyone else. The best colors for paint inside of your home are the neutral colors. These include beiges, grays and soft whites. The most important thing is to keep your paint color consistent throughout your home. Not that you can’t change shades from room to room, but don’t make the paint change too drastic.
No One Really Likes Shiny Things
As much as you may like shiny accessories throughout the home, it’s not going to be everyone’s thing. Although people will be decorating your home on their terms once they buy it, it’s important to note that busy isn’t always better. People need to be able to see past how you have set up your home to see the potential it holds for them.
An Open Floor Plan That’s Too Open
You can take the idea of an open floor plan to an extreme. There are certain rooms in the home that just deserve privacy. The bathrooms and the bedrooms need walls surrounding them to give people the space and quiet that they need. If there’s no good way for you to fix this issue, you may want to find some room screens before your open house in order to keep buyers interested.
Converted Rooms Squash Vision
If you have a third bedroom that you have converted into a home gym, that’s great for you. It may be hard for other people visiting the home to realize what the room could be used for. You may not have to move everything before an open house, but try to keep the room open for possibility.
Carpeting Kills Buyer’s Dreams
There’s not many more terrifying things to buyers than walking into a home and seeing wall-to-wall carpeting. Their minds race, thinking of the possibilities of how to get beloved hardwood floors into the picture. If there’s floor under your carpet and you know you're going to sell soon, you’d be wise to tear up the carpet and polish up those floors. It will attract more buyers and sell faster because people will know they have that much less work to do once they move in.
The important point here is that when you’re getting ready to show your home, you’ll want to take your personality out of the picture. Buyers need to have space to get the vision to see how they can make your former home their own. Reversing a few of the personal upgrades that you have made to your home can help you to make it a more welcoming place for new owners to begin a journey.