Emily Rupp, Realtor

Anyone else? 😏

Have you ever fantasized about pooling your funds with your best friend or family and buying your ultimate dream house? Maybe even on a tropical island!? 🏝🍹

Good news: that dream might not be so far off!

You don't need to be married to someone to buy a home together. The National Association of Realtors said that 9% of home buyers in 2020 were unmarried couples, according to the National Association of Realtors. Although younger millennial (22-30 years old) represent 20% of unmarried purchasers, acquiring property as partners is a cross-generational trend.

Co-buyers have fewer protections than married couples if the relationship ends or one partner passes away, so if you're thinking about buying a home with a friend, sibling, partner or loved one, here are a few things you'll want to consider:

• Unmarried couples will apply for a mortgage as individuals, not a single unit. This means you'll each have to provide proof of income, employment, assets and funds.
• When processing your mortgage application, lenders will use the median credit score of the person with lower credit to establish a rate. This can be problematic if there is a major disparity in credit score between both parties.
• If you both want equal share in the property, consider holding the title as joint tenants. This means that if one of you were to pass away unexpectedly, the surviving partner would retain full ownership of the home vs. the deceased's share being passed on to their next of kin.
• In any situation, consider having an attorney draw up a cohabitation property agreement to outline what will happen in the event one of you wants to move/separate.

Have you ever considered buying a home with a friend, or relative? Drop me a DM if you have any questions about it and I'd be glad to chat!

If there's anything we all need toward the end of February (the shortest longest month of the year) it's more LIGHT. Tell me in the comments: which one of these light fixtures you'd most like to hang in your home!