Updated: Monday, April 23, 2018
Saying I Do To Your House Before Your Spouse: Heres What You Need to Know
A home of your own complete with a white picket fence, the realization of the "American Dream." If youre unmarried, though, you might feel this dream is out of your reach. After all, arent wedding bells supposed to proceed house hunting? Well, according to recent stats, there are many couples who are reversing the order of things and opting for home ownership before marriage.
Stats on Home Ownership Before Marriage
According to a study by Coldwell Banker, one in four couples, between the ages of 18 and 34 years-of-age bought a house together prior to marriage. Another poll performed byMONEYdiscovered that40 of millennialsfeel it is a good idea to put home ownership before marriage. Perhaps, you agree and would like to realize the American dream of homeownership before saying "I Do." Read the helpful tips listed below for turning your dream of home ownership into a reality:
Learn Your Credit Scores:
While married couples are often viewed as a single unit, you have the advantage as an unmarried couple to decide which person best fits the home buyer profile. This of course means, which of you has the best credit score and the most assets. You can choose to cosign or own your home jointly if you prefer. Keep in mind, though, that if one of you has a less than stellar credit rating, it could reduce the amount of money you qualify to borrow.
Title Your Home Properly:
There arethree main optionsyou can use to title your home as an unmarried couple. They are as follows:
1.Sole Owner:This means one of you is the sole owner, 100 responsible for the debt. The other is not listed on the title at all, thus they have no rights or responsibly regarding the property.
2.Tenants in Common:This means that both of youown the property but in differing amounts. For examples, one partner might own 60, while the other has 40 ownership. Keep in mind this will prevent your home from transferring in its entirety to a surviving partner should one of you pass away. Instead, the living partner will simply retain their percentage of ownership. To get around this, partners can "Will" their percentage to the other partner to transfer upon their death.
3.Joint Tenant:This gives you equal ownership of the property. If one of you should die, the property will automatically be awarded to the living partner.
Understand That the Debt is Permanent:
If you choose to enter into a joint tenancy arrangement and your >Create a Legal Agreement:
Yes, technically, if you own the property jointly you are already both legally bound to the property. However, this agreement is slightly different. Seek out the help of a lawyer to create a binding agreement that outlines who will be responsible for what aspects of the property. For example, figure out and specify who pays the rent, the taxes, repairs on the home, etc. This will prevent a lot of heartache down the road by getting expectations out in the open from the beginning.
Understand Buying a Home Isnt Easy:
This article onAngies Listis super helpful as it talks about everything you have to do before buying a home. It examines the importance of loan qualification, home inspections,and timing when it comes to buying a home for the first time. Read it over if this happens to be your first time entering the home buying process.
Know the Expenses Doesnt Stop at The Purchase Price:
Home ownership is a grand adventure. One that also comes with many unexpected expenses. Just take a look at the true cost of repairs onHome Advisorfor an idea of what you could be facing. However, by in large, the benefits of homeownership far outweigh the problems.
We wish you and your partner happy house hunting as you face this new adventure of home ownership head on
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Rent Burden On The Rise
The world has changed and renting has changed right along with it.
Renting has long been the traditional first-step toward home ownership and, in later life, a life>
- The latest Report by The Pew Charitable Trusts reveals that the lingering legacy of the 2007-09 Great Recession is more households making a slower transition to homeownership because they are "rent burdened."
- This research also showed that senior-headed households were more likely to be rent burdened than households headed by people in other age groups.
In the Pew Report, "American Families Face a Growing Rent Burden: High
Housing Costs Threaten Financial Security and Put Homeownership Out of Reach for Many," authors define "rent burdened" households as those spending more than 30 percent of their pretax income on housing. Such
families are usually "more financially fragile" than those spending a lower percentage of their income on rent and than those who own their own homes. "Seve>
- Rent Burdened: The Report examined how, between 2001 and 2015, increasing rent cost affected the ability of American households to use financial services, accumulate savings, and transition to homeownership. In 2015, 38 percent of the more than 40 million U.S. renter households were rent burdened, an increase of about 19 percent from 2001.
- Seve> In the same period, the share of renter households that were seve>
- Data Source: Pew research was based on the University of Michigans Panel Study of Income Dynamics, the longest running since 1968 longitudinal household survey in the world. This survey of 18,000 in 5,000 American families has generated data about household finances that is free and broadly accessible.
- 55 Renters: Pew Project Director Erin Currier said she was most surprised to learn that, although the share of renter households has increased by 10 percent for all age groups, the current rental spike is propelled by renters 55 and older. In 2015, about half of senior-renter families were rent burdened with more than one-fifth seve>
Whats the eviction picture in your community?
The Eviction Lab The Eviction Lab at Princeton University explains rent-burden patterns this way: "Today, the majority of poor renting families in America spend over half of their income on housing costs rent plus utilities, and eviction is transforming their lives. Yet little is known about the prevalence, causes, and consequences of housing insecurity."
Sociologist Matthew Desmond, author of Evicted: Poverty and Profit in the American City, discovered that eviction, incredibly prevalent in low-income communities, functioned as "a cause, not just a condition, of poverty."
In 2017, Desmond established The Eviction Lab with the shared conviction that "a stable, affordable home is central to human flourishing and economic mobility." The Labs nation-wide data bank ] of more than 80 million eviction records going back to 2000 is accessible to the public and researchers at no charge.
The Labs open invitation to policymakers, community organizers, professionals, and anyone interested in real estate encourages the use of online tools like The Map to understand how eviction, and the associated traumatic and financial loss, are shaping individual communities. The intent is that this participation will contribute to laws, policies, and programs that are effective locally in reducing poverty and eviction and fostering residential security.
How are evictions affecting value in your community?
Researchers believe that sharing data about local housing, eviction, and poverty patterns will raise awareness of local issues and stimulate development of new solutions. This in turn should improve understanding of what drives poverty in America and what can be done to strengthen housing stability for low-income families and communities.
Two Faces of Rentalhellip;
Real estate investors, property owners, and >
- At its best, this investment drive will lead to the construction of more rental units which may stabilize demand and pricing.
- At its worst, this could result in evictions mdash; already considered at crisis levels by many mdash; rising above the almost 1 million evictions annually.
As research raises awareness of the social impact of rent burden is there room for both sides mdash; landlords and tenants mdash; to benefit from decreasing eviction and creating healthy stable rental markets?
After more than 40 years in property management, Jeff Cronrod developed LeaseGuarantee, a cosigner product that guarantees tenant performance to protect landlords from financial loss through eviction. This product helps landlords, but I asked Cronrod whether tenants may benefit, too.
Cronrod responded by email: "As for tenants, LeaseGuarantee may be used to offset all or part of the required move-in money, thus significantly reducing the cash required to secure a new rental. Additionally, a tenant who has had some credit challenges in the past can use LeaseGuarantee to help them qualify for a unit without seeking a cosigner. A tenant who successfully completes their tenancy without delinquency may also have their credit bolstered if reported to the credit bureaus."
Renting is no longer the cheap, easy-to-arrange housing alternative in many communities. Rents continue to steadily increase, demand is continually growing, homeownership is on the decline, incomes have not kept pace with rising real estate and rental costs, and short-term rental is monopolizing housing stock. Whats next?
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Freshen Up Your Home With Spring And Summer Updates
Updating your home can seem like a huge blank, especially if its been a while. But there are easier ways to freshen it up and make it look spring and summer ready that wont break the bank and wont create a long drawn out hassle. Each of the each of these updates represents a current trend and something you can pull off yourself this weekend if youve got a little time a little scale and a little skill.
Take it to the floor
Some of the freshest rugs out there combine a couple of trends. There was a time when the Persian rug dominated informal spaces. Take a look at this one from Wayfair? The Warren luck brings in vintage feel but the color palette is all new. This is an easy and affordable way to instantly update a living room with fresh, bold colors that will get you were space noticed.
"If theres one piece to invest in this spring, its a rug," said The Glitter Guide. "Its a surefire way to bring interest and >
Brighten up the bedroom
While youre thinking about patternshellip;"Swap in a patterned headboard," said Elle Deacute;cor. "You dont have to grab your paint rollers or ready the wallpaper to revamp a bedroom. Upgrade the centerpiece of your room - the headboard - to something bright and cheery."
Patterns, patterns, patterns
Mixed prints have been all over the runway, and you can create a similarly textured and stylish look at home. Mix it up, mash it up, and freshen it up with an assortment of prints - florals, houndstooth, stripes, graphic patterns. You can create a look that brings depth to your space by using one main color as your anchor and then creating a mix of patterns around it.
Coordinate your pet decor
Your basic scratching post or dog bed may fade into the background for you but they can stand out like a sore thumb to visitors. Pet decor has come a long way, and no matter what >
Lowes and Home Depot have both been running spring specials with appliances that are 35 to 40 off. These discounted prices could easily lead to you redoing your whole kitchen, but a new fridge Cheryl freshen up your kitchen. If you really want to make the purchase of painless, look into financing and both of the stores if you can get the 0 interest deal over 24 or 36 months you really dont feel the crunch of putting out a lot of money upfront.
Paint, paint, paint
They really are few places in your home in and out of your home for paint cant make a huge difference, and with such a low dollar commitment, you just have to pick and choose your projects. We love this one for blank, and also this blank
Bring in the flowers
When spring flowers start blooming, we have a natural desire to bring them into the home. After all, just the smell of fresh flowers can lift our mood. "Flowers always brighten up a space, no matter what kind you use," said The Spruce. "You also dont need a lot of them. A small floral arrangement on a table, mantle or windowsill makes a big difference. Whats particularly great about flowers is that every color and combination works together, so its a great way to experiment with colors you wouldnt normally put together."
Big, bold floral patterns are also a huge trend this season, so, while youre thinking about how to display your cut roses, consider where you can make a splash on the walls, on an upholstered piece, or even xx
Frame your windows
Another easy way to bring an additional layer of interest to your home is with modern window coverings. Already have blinds or shutters? Framing the windows out with drapes that can be changed seasonally is a great way to create an interior that always looks updated and call attention to the outdoors and to your architecture or create architecture where there isnt much.
Shop your home
You can give areas of your home a whole new look without spending a dime. "I love updating the look of our home by styling the coffee table, accent tables,nbsp;shelves, countertops,nbsp;and mantel," said Jane at Home. "One of the reasons I love styling is that I can use items I already have on hand.nbsp; If I dont like how something looks, I can easily change it by moving things around or bringing in new items from another part of the house."
Some of her styling tips include: "Use stacks of books to raisenbsp;objects off the surfaces; combine items in groups of threesndash;preferably with a tall item, a shorter, more sculptural item, and a horizontal item; balance hard and soft objects, as well as things with different textures, colors, tones, and >
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