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k h | How do I go about buying a home w/ my boyfriend? |
My boyfriend and I have been together for 6 years. He has horrible credit and is unable to buy a home. I have good credit and money saved for a down-payment on a house. The house would need to be in my name due to his credit problems, and I would be supplying the down payment. He thinks that if we break up he is entitled to all of the rent/loan payments he has made, in addition to half of the increase in the value of the home. Does this seem fair?
Additional Details
We weren't trying to be negative about our relationship, just realistic. We went through and made a list of all of the possible problems that could arise with us buying a home together. Breaking up was one of them. I guess I assumed until we had this conversation that with the down payment being mine, and the loan being exclusively in my name that he would rent from me and if we broke up he would be entitled to nothing. Just like any other rental agreement. I mean, if I didn't buy the house he would just have to rent from someone else anyway, and have nothing to show for his money. |
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bobsantoro99
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Number one, you need to have an agreement in place before you buy the home. You should keep good records of who has paid what over the years. When and if you break up, The value of the house should be split based on a proportionate share of what each party paid. This has to be clear in written form, preferably drafted and reviewed by a lawyer. Please do not let your relationship get in the way of getting this done, before you buy the house. If you eventually get married, the agreement is out the window and you split 50/50. |
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They call me ... Trixie.
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NO, it doesn't. I can't stress enough what a BAD idea it is to buy a house with a friend or boy/girlfriend - basically anyone who is not a spouse. (It's right up there with 'don't lend money to friends/family'). If you're already trying to figure out what's going to happen if you break up .... doesn't bode well for the relationship. You're going to set yourself up in a nightmare situation, and it could affect your credit. Please reconsider your decision to do this. Take it from someone who learned the very hard way. |
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Joe K
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No, No and He double hockey sticks NO!!!!
What a freakin' mooch. You can give him something - but he cannot get it without you. If you can afford to pay for it by yourself, you don't need him. If you put NO downpayment - then MAYBE this is fair. But what he is saying "You put the downpayment, we'll use your credit b/c I'm an idiot but I DESERVE - I'm ENTITLED to half of ALL OF IT"
That is in no way shape or form a cut down the middle. Now, all that being said, you guys are in essence common law husband and wife (depending on your state) and he may be entitled to half of everything regardless. You need to see an attorney. If you really love and trust this fella, then fine - but damn, it sounds like he is just looking out for himself. If he really really loved you, how could he possibly bring this up.
Talk to an attorney!
Joe... |
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Llammas
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Absolutely not!
It's not a good idea to invest in any long term purchases with someone you are not married or engaged to. If he's already talking about what would happen if and when you break up, that's a big sign to not go through with it unless you want the house all to yourself. |
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teran_realtor
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"Everybody's doing it..." isn't a defense.
Pre marital sex (boyfriend/girlfriend) is not a wise choice.
Pre marital cohabitation (boyfriend/girlfriend) is worse.
Pre marital house buying (boyfriend/girlfriend) is just stupid. |
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Taylor T
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Coming from a mortgage professional because you have the best credit the loan will definitely have to be in your name.The only way your boyfriend name can go on the loan is if you are using his income only and there are lenders that will allow that without his credit being an issue. My advice to you as a first time home buyer is if you do go on the loan by yourself make sure you buy a house were you can afford to make the payments in case on your own in case you guys split up (not saying that you will)because you don't want a foreclosure on your credit and make sure your payments are paid on time. If he is on the loan or title you will not be able to sell this house without his consent. If he is not, or if he is on the loan he still shouldn't be entitled for his portion of the mortgage because he will be residing in that household. Good luck to the both of you. |
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Mary G
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Don't do it! |
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Beautiful IS HAVING a BOY!
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if your relationship is serious enough to buy a house it should be serious enough to get married. don't do anything to prove love you might regret it for the rest of your life ..BAD CREDIT IS JUST oWHAT IT SAYS... creditably bad... his creditabiliy is bad re-read what he is asking you
if his credit isn't good than why would you give yours.
if he damage his own he damage yours. he's already thinking of breaking up settlements. he is a a flute. let him to continue to rent until he can't afford a home |
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cy ko tic
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It would be incredibly unfair for you to pay for the house and give him back anything when you break up. When you rent, you spend the money and all you get it a place to stay for the time you have paid for. That money is gone. Just because you are dating him doesn't mean it should be any different.
If he is acting like this now, I would even make him sign an agreement as to his required rent payment and anything else you might want to put in there. If you are making the payments, using your money for the down payment, and it is in your name, you aren't buying a house with your boyfriend. You are buying the house, and he has no legal rights or ownership in the house. |
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allansc2005
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BIG mistake! One big fight between you two,and POOF,there goes your good credit!! |
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mburleigh8
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I think he is full of it, but get a free consultation with an real estate lawyer before buying a house. and if it is a problem dump your boyfriend. then buy a house. |
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charlotte q
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WAIT AND SEE IF HE ACTUALLY MAKES ANY OF THE RENT/LOAN
PAYMENTS. IF HE DOESEN'T MEET HIS DEBT OBLIGATIONS TO
BANKS AND OTHER CREDITORS HE PROBABLY WII NOT PAY YOU.
DO NOT PUT HIS NAME ON THE DEED! |
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mina_lumina
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Don't give him that power. If you can afford the home, buy it, then write up a renters agreement charging him for rent and utilities (half of whatever you pay). In the event you break up, he gets nothing. It's not his house. He didn't buy the house, he isn't paying for the whole house. It should be for him the same as if he were leaving an apartment. It's your house, your taking all the responsibility, he's not. |
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David
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Buying a home with someone else is not typically a problem. If his credit is truly horrible then neither one of you will qualify. Sounds like you will be applying for a loan in your name only. Holding title to the property is a different matter.
As far as fair... well, it depends on the state you live in. Consult an attorney over such an important decision before you continue. |
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