Buying a home and getting married are two of life’s biggest milestones. But which should come first? Today, approximately 25% of couples between the ages of 18 and 34 choose to buy a home together before they tie the knot. Through my work as a realtor in Albuquerque, I’ve seen how understanding your options early can set couples up for success.

While there’s certainly nothing wrong with this, there are a few things to consider before you can decide whether it’s the right move for you. 

Review Your Financial Standing

Deciding whether to buy a home before or after you get married often hinges on each individual’s financial health. If one or both of you have questionable credit, or either of your careers is likely to change in the near future, it may be a good idea to be patient when considering buying a home together. That way, you can focus on other things, like potentially getting married, while your financial situation becomes steadier.

Discuss How You’ll Title Your Home

The actual ownership of your home is determined through your deed, not the mortgage. How you title your home will determine both legal ownership and how the property can transfer.

Your title options will also vary depending on the state where you live. Most homes are titled in sole ownership, joint tenancy, or tenancy in common, each with its own pros and cons. In New Mexico, married couples are also subject to community property laws, which can impact how ownership is shared. Because these rules can be complex, it’s a good idea to talk with an attorney or financial advisor, along with a trusted realtor in Albuquerque, before deciding the best way to title your home.

Agree on How You’ll Split Costs

Not only do you and your partner need to decide how (or if) you’ll put your finances together to purchase the home, but there are also ongoing costs to consider. Beyond the monthly mortgage payments and homeowner’s insurance, there are also issues like maintenance and upkeep, repairs, HOA fees, and any planned remodeling.

Discussing how you’ll handle these expenses in detail ahead of time can help you avoid conflict. Some couples decide to open a joint checking account, and both contribute a set amount to it each month.

Have a Formal Agreement in Place

Once you’ve discussed all the items above, consider having a formal legal agreement drawn up. It should reflect all of the decisions you’ve made and what each of you has agreed to do. Doing so doesn’t mean that you don’t love or trust each other. Instead, it’s a smart way to protect yourself and is always recommended.

Make Sure You’re Ready for the Commitment

While most couples say buying a home together has strengthened their bond, it’s also critical to be honest and transparent. Make sure you’re frank with each other about your finances, future family plans, and career aspirations. These things are important to your long-term relationship and will also impact the ideal location, size, and price of your home, something a local realtor can help guide you through.

If you’re planning on getting married, then you’re likely already committed to each other. Before you sign on the dotted line, make sure you’re truly ready to make this major commitment.

Purchasing a home together can be an excellent way to start your future off right, and you don’t necessarily need to get married first. Just make sure to be open and honest with each other as you discuss each of the items above. This is the best way to set yourselves up for a solid financial future and a lifetime of marital bliss. If you’re considering buying a home before marriage here in Albuquerque, I’m here to help. We can talk through your options together.