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My partner and I bought a house - I would split everything along the percent you contribute to down payment but then track any upgrades the same way. Split the mortgage and taxes along the same percent as well and then you get that equity if you sell.
IMO if her name is on the mortgage it’s a gamble if you break up but maybe sign an agreement that you would get your portion of the down payment back?
My boyfriend and I also have pre laid out agreements about furniture that we’ve both bought if we break up
Rising Star
I’m a female and bought a house by myself. My boyfriend pays me for half of my mortgages and expenses each month. It’s still cheaper than when we lived in an apartment. It protects me in case something were to happen with our relationship. When we do get married, his name will be added.
Same here - my husband is not on the loan nor title because we’re technically not married (12 yrs together). He didnt contribute to down payment nor closing costs.
He pays the same amount he was paying when we rented. I took on the upcharges in home, and any time we had a rent increase I always paid up. He’s got it good lol
Rising Star
Lol.
Get married and that’s how you make it equal.
My bf and I recently bought a place together and we drew up an agreement dictating what happens if we split
Pro
Maybe... seems like you’d be getting an interest free loan, that you get to earn capital gains on.
How about her just getting more equity in the house (monthly payments would also have to be split along the equity line).
Not entirely fair. Expenses would be split proportionally through equity but they are both equally living there.
My SO & I bought a place before we were married. I had most of the deposit saved already on my own. When we purchased, both names were on the mortgage/home so we'd be able to get a loan. We kept track of the costs via splitwise app. We split the monthly mortgage evenly but he'd pay the utilities & other shared bills. No issues with us to involve any legal action that others have done. We haven't really thought or talked about what would happen if we broke up. We're married now so - just lucky us?
Open LLC and buy the property through there
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Thanks ! I think this is kind of what are was suggesting with the loan repayment to her, but with that just to make it feel fair too. Having that knowledge that we are both in for the same and I didn't use her trust will probably go a long way for us both in feeling comfortable with it
Pro
Bruh, if you need to think about how to make it equal you probably shouldn’t buy a home together.
Visual Storyteller
You need to go see a lawyer and get legal documents drawn.
Things get messy and you break up.
You move out.
She living in the house with her new bf.
OP is getting a sweet deal here and y’all are all trying to convince him not to bc he’s not married yet? 😂 I think a 5 year payback plan is a great idea. If you end up getting married, it won’t matter and if you break up you both walk away from the relationship but have gained an asset. It’s a win win for you and her IMO. Yes she could probably get a house on her own but now you’ll both have a larger asset than if you did it alone.
Yea I don’t know why people are acting like only married people are allowed to buy houses and investments. People who are friends, partners, associates go in on properties together everyday. Is there a risk? Of course - there’s risk with any business relationship that requires mutual trust. But the idea that you should pass up the opportunity to grow your wealth bc you’re not married when you’re in the position to profit the most out of the partnership is plan stupid. Go for it my friend!
So how will you work things out when either of you break up on not so good terms or one of you has a job change or she decides a relationship is not worth it? Is that also part of the contract?
In a similar position. I have more for a DP but partner has more monthly income so he’s going to cover more of the monthly payment until we have the same amount invested then split monthly payments evenly.
Build a payback schedule into our “what if” contingency
What can you afford for a DP? I’m in a similar situation. We’re only considering houses that we can equally afford half of and are going 50/50 on everything.
This is what me and my bf did and makes the most sense IMO.
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So I have around 70k saved. She has about 200k saved. We are both earning around 165k each.
The idea is well own the house 50/50 and pay equal everything. Just it's going to take me a while to save the extra 50k I need for us to buy a 1.2m house at 240k deposit.
Alternative tack: Have you considered getting married? What is holding you back? You seem to both be stable financially and are ready to make a 30 year commitment already (house).
Marriage is absolutely about love but it’s also a legal tool to make a binding agreement to split everything 50/50 (ish) going forward. Which seems appropriate here to me.
No. No no no no NO
I just did this with my boyfriend. We did draw up a contract since I put in more money and he is going to pay slightly less per month, so it is stated that I legally own a larger portion of the house. Due to this we choose the “tenants in common” for the title. We had lots of people try to deter us, but I still don’t get it. Getting the contract drawn up was easy and affordable and helped us think through what would happen if we did break up. We probably have communicated more than the average married couple about what if’s.
^^^
Don't buy a house with a girlfriend. Wife yes, but not girlfriend.
Relationship complications aside, one way you can structure it is to put the delta in down payment as additional principal applied over a set period. For instance if you go with 50% ownership each, add an additional $2,167 per month to cover the 130k gap over 60 months. This benefits you you more than her due to the capital outlay, so you can adjust the 130k gap upward to cover interest otherwise earned from other investment vehicles if you wish