In today’s real estate market, with soaring prices and fierce competition, purchasing a home has become more challenging and riskier than ever. The financial burden of homeownership extends far beyond the initial down payment and mortgage payments. Property taxes, maintenance costs, insurance, and unexpected repairs add to the overall expense, making it important for couples to carefully assess their financial readiness and make sure they’re on the same page before taking the plunge into homeownership.
Entering into a joint home purchase with a spouse or partner can be an exciting yet daunting endeavor. While the prospect of building a life together in your dream home is undoubtedly enticing, it’s essential to recognize the potential pitfalls and challenges that may arise along the way. One of the most crucial steps couples can take to navigate these challenges is to establish clear agreements and open lines of communication from the outset.
Typically, cohabitation agreements cover all sorts of matters that impact your life together as a couple (for more on that, click here). However, when you’re building your cohabitation agreement, you can choose to include whichever topics are important to you. If you want to make an agreement that only discusses how you’ll deal with your home, you can! You can always make a new agreement that covers more topics when you’re ready to do so. Just keep in mind that in the event of a break-up, anything that isn’t included in your agreement will be divided as set out in the family legislation in your province.
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