First time buyer guide: Must-ask questions before buying a home together

Buying a home together is an exciting milestone in any relationship. But whether you’re thinking about purchasing a property with your partner, a friend or a relative, it’s wise to make sure you’re both on the same page about a few things first. Although sharing this responsibility isn’t something to take lightly, talking about finances and non-negotiables doesn’t have to be an awkward conversation. In fact, it can be enlightening and enhance your connection, so you can focus on finding a home that aligns with the future you want to create together.

Here are some of the most pressing questions to ask before moving in together and embarking on your homeownership journey as a duo.

1. Where do we want to live?

If either or both of you are first time buyers, you may have experienced difficulty buying a house or apartment on your own and, therefore, have decided to do it together. So, first things first, you need to choose where you want to live.

Between the city, coast and countryside, you’re spoilt for choice of locations with available properties. You may already have your hearts set on a specific neighbourhood or be more flexible about where you want to live. Either way, it’s important to check you both want the same when it comes to the place you call home. 

2. What are our non-negotiables and what are we willing to compromise on?

Everyone has a list of things they want in a property, but it’s important to figure out how important they are. For instance, if you have pets, you may want a garden, or if you often work remotely, a home office could be an absolute must. Whereas an en suite bathroom or walk-in wardrobe might just be on the list of ‘nice to have’. Figuring out non-negotiables before you start looking at properties will help hone your search on places that tick most, if not all, of your boxes.

3. What’s our budget? 

You may have different income levels, which may affect how much savings you have and how much you want to spend on homeownership expenses each month, so agreeing on a budget will ensure your costs don’t spiral out of control. Using an affordability calculator can help you calculate a budget that works for your dual income. 

This is also a good time to explore the different buying schemes and determine which one is most suitable for you.

4. How will we split the deposit, mortgage and bills?

Once you’ve determined your budget, you can decide how much you’ll each contribute to the deposit, mortgage repayments and other monthly expenses like your utility bills and food shop. You may choose to split everything 50/50 or opt for a different proportion that aligns with your income.

5. Is there anything in our financial histories that could affect our ability to lend?

Your financial history can be a significant factor in determining whether lenders will approve your mortgage application, so it’s worth discussing anything on your credit file that could impact your ability to get the loan together. Clear any outstanding debts and get your credit score in good shape before applying, as your mortgage application will leave a hard search on your file, which could affect your approval for other credit in the future. Check out our mortgage hub for more information.

6. Shall we get a cohabitation agreement? 

Having an exit strategy is probably the last thing on your mind when you’re buying a home together but having one could minimise disagreement or stress in the future should the nature of your relationship change. That’s where a cohabitation agreement comes in. Think of it like a prenup for moving in together – it can give you both peace of mind should anything unexpected happen in the future. You can write your own, but if you want it to be legally binding, you’ll need to get independent legal advice to have one drafted and executed properly.

7. How can we support each other during the home-buying process?

Between investing your savings in bricks and mortar, having valuations and inspections done, and packing up your life to move into your new place, buying a home can be stressful. But doing it together means you have someone to lean on who understands exactly what you’re going through. 

Consider how you can support each other during the process, whether that’s splitting responsibilities like organising logistics and responding to emails from solicitors or dedicating time to choose colour schemes and go furniture shopping for your new home.

At Share to Buy, we make your choice easier with a selection of new-build homes across England, available through alternative homeownership schemes such as Shared Ownership. Get your home-buying journey underway using our property portal.