Apparently the definition of cohabitation is “the act of living together and having a sexual relationship (especially without being married.)” – wordnetweb.princeton.edu
Gee, thanks for reminding me Princeton
As some of you may know from my post about first impressions of moving in with my boyfriend, J and I now live together. It’s not as rosy as it was when I first published the post, but it’s still pretty darn amazing on most days. I think if I could sum it up in one word for anyone out there who is thinking of moving in with their significant other, be ready to “work.” There are going to be things that will annoy you, gross you, piss you off, but if you work at getting past those things together, then the result is one step forward in your relationship!
J also wants to buy a condo this year because he is tired of putting money towards rent every month when he could be putting it towards something he owns. I want to buy a condo as well. Since we are in a relationship and already living together it was assumed that we would be buying a condo to live in together as well. There’s just one little problem. I have huge debt. J does not. Not only does he not have debt, but J has savings that is rare for “normal” guys his age. He’s already pre-approved for a decent size mortgage with a low-interest rate, while I had to work my magic to convince my bank to give me a measly 13,500 personal loan to consolidate my credit cards. What do we do?
Luckily, J and I are very open about our finances and I think we came up with a solution that is fair to both of us. (Well technically I came up with the solution and J just happily agreed to it )
J will buy the condo on his own so it will be in his name only, and I will rent from him. I will pay half the mortgage as “rent” but if any landlord issues come up, like renovating or fixing up the place, he will be financially responsible for all of it. If we buy any new furniture for the place, then it will be 50/50. This way, if we were ever to break up, I could walk away without any complications.
In an ideal world, we would want the condo to be in both our names so that it could truly feel like it belongs to us both, but in the meantime, I will work hard to pay off my debt and when the time comes to upgrade, I will be able to financially contribute as well. I do have to give J credit for taking in some of my ”must-haves” for a condo into consideration while we are looking at different places. One of those “must-haves” is to have in-suite washer and dryer. I’m still working on the walk-in closet, but perhaps I shouldn’t push my luck too much
For all you other cohabitators (married or not) out there, how do you, or would you handle buying a home when only one partner has debt?