Purchasing a new home with your significant other is an exciting journey. However, if you want the entire process to go off without a hitch, you must begin by addressing certain subjects with your partner. Here are some general suggestions.

Discuss your needs

Take some time to define your priorities as a couple. What type of house do you want? Which city or neighbourhood do you want to live in? Do you want a large lot or not? Having this conversation early will help you avoid disagreements during your search.

Think about the future

Consider your shared vision for the next two, five, 10 or even 15 years. Discuss any short- or medium-term plans that could impact your housing choice, such as starting a family or returning to school. These life events could affect your ability to repay your mortgage.

Assess your financial situation

Take a close look at both your finances, including your income, debts and investments. Establish a realistic budget that accounts for the purchase price of the home and additional expenses like insurance and taxes. Don’t forget to set aside money in an emergency fund for unexpected costs as well.

Address the important issues

Openly discuss sensitive topics to prevent potential conflicts. For example, talk about how you’ll divide expenses, such as groceries, electricity and mortgage payments. You’ll also want to talk about how you’ll manage your finances and share the responsibilities of home ownership.

Consult a professional

Surround yourselves with knowledgeable experts, such as a real estate agent, mortgage broker, financial planner and solicitor/conveyancer to help you navigate the purchasing process and avoid costly mistakes.

Buying a home with your partner requires careful preparation and open communication. These conversations will make your home-buying adventure a rewarding and successful experience.

No one wants to think about a breakup, but it can happen. If you and your partner aren’t married, consider formalising an agreement outlining how to handle property division should your relationship end.