- By Margaret Snow
- Around Town
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Dear Margaret: I've been dating a man for 2 years. We live together in an apartment and a home came on the market that we feel is a good investment. We are thinking mortgage rates will start to go up. It seems to make sense to own a home rather than rent. At this point, we have not talked about marriage. My friends and family have expressed concern over making such a large investment without a commitment of marriage. I'm not even sure I want to be married, and purchasing a home seems to make good financial sense. Can you give some advice?Rent or Buy
Dear Rent or Buy: Your friends and family are right to express concern as dividing property in the event one of you needs to move and the other isn't able to, or, of the relationship doesn't work out. In the event one of you predecessors the other, how will the property be divided, if at all? This doesn't mean you shouldn't purchase a home. It means you should take extra precautions. Talk to a lawyer and have them put in writing what you agree will happen for a myriad of unexpected events. Another consideration is how you will handle expenses of maintaining a property, furnishings, utility expenses, etc. I would almost always advocate for buying verses renting. Be sure to put everything in writing and you will avoid future possible complications.
Click Here to write to Dear Margaret. Margaret Snow is a Life Coach in Ithaca, NY.
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