Wednesday, April 17, 2013

Mortgage and Marriage

Here's an interesting article about the timing of homeownership and marriage for young couples.  Apparently, there is an interesting trend among young couples to buy houses before getting married (rather than the common perception of co-habitation while renting).  Before you judge the tagline, here's an interesting paragraph from the article:
For young people who are in committed relationships and interested in homeownership, Ludwig said that the benefits associated with shopping for a home together go well beyond the prospect of owning property. While considering the very big step of buying a house, couples are forced to deal with exactly the kinds of issues that they should discuss before marriage. “When purchasing a home, there is a need to be transparent on many levels,” said Ludwig. “You must be upfront with your partner, and you also have to get real honest with yourself.” It’s possible to get married without actually knowing how much money your wife earns, or how much credit card debt your husband accrued in college. Salaries, debt, and more are all on the table when the time comes to get a mortgage, however.
On the other hand, you could just discuss these things before marriage, but I suppose it is nice to know that buying a house with a future spouse has a side benefit.

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