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Do those who buy together stay together?

Treating Homeownership As A Relationship Decision

Buying your first home? Chances are this is not only a financial decision, but a relationship decision as well. In Canada, 76% of first time homebuyers made the purchase with a romantic partner.1 Given that financial issues are one of the most common problems in romantic relationships2 – beat out only by balancing work and family obligations and deciding how frequently to have sex (for more information about sex and relationships visit my other column) – there are several questions couples should ask themselves before deciding to share a mortgage.

Are you both on the same page?

What does owning a home together mean to you and your partner? Perhaps one of you sees it as a relationship commitment whereas the other is thinking about it a financial venture. Partners who let relationship commitment (as opposed to convenience or financial incentives) determine their living situation are often happier in the long run.3,4 Before sharing a mortgage, communicate your expectations to your partner and know your partner’s position.

Do you talk about finances?

If the answer is no, this is something that should change immediately. By purchasing a home together you are financially connected and should have open, honest conversations about money. Couples who live together are more likely to break-up when there are financial disagreements in the relationship.5 Be proactive and address these issues before you buy a home together. Talk about how you will divide expenses, how much you will save each month, how much you will spend on certain activities such as eating out and going on vacation, and how much debt you have (and are comfortable having).

Do you have the same financial goals?

Just because you talk about money, doesn’t mean you agree on how your money should be spent. Partners should communication about their expectations for how money is going to be managed in the relationship. Take thisquiz with your partner to help identify areas that you agree on and those where you differ in your financial goals.

If you are buying a home with a romantic partner, treating homeownership as an important relationship decision (and not only a financial one) can help couples avoid some of the financial pitfalls and reap the benefits of owning your own home.

1Statistics Canada (2008). Young people’s access to home ownership.


2Risch, G. S., Riley, L. A., & Lawler, M. G. (2003). Problematic issues in the early years

of marriage: Content for premarital education. Journal of Psychology and Theology, 31(3), 253-269.

3Manning, W. D., & Smock, P. J. (2005). Measuring and modeling cohabitation: New

perspectives from qualitative data. Journal of Marriage and Family, 67, 989-1002.

4Lindsay, J.M. (2000). An ambiguous commitment: Moving into a cohabiting

relationship. Journal of Family Studies, 6, 120-134.

5Dew, J. (2011). Financial issues and relationship outcomes among cohabiting

individuals. Family Relations: An Interdisciplinary Journal Of Applied Family Studies60(2), 178-190. doi:10.1111/j.1741-3729.2010.00641.x

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Here to help inform, educate and represent you in the home financing process.

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