10 Jun First Comes Love, Then Comes Home Buying for Millennial Couples
According to a recent survey by Coldwell Banker Real Estate, millennial couples are placing a bigger importance on buying a new home versus getting married. The survey found that almost 25% of married couples ages 18 to 34 actually purchased a home together before saying their “I do’s.” In comparison, only 14% of married couples ages 45 and older said they purchased a home before tying the knot.
Millennials seem to have a different set of priorities, and an all-around unique perspective when it comes to commitment and what that means. Psychotherapist Dr. Robi Ludwig said, “People are very commitment oriented, but millennials are much more pragmatic. I think millennials are saying that if we want to have the life we want, we need to make smart decisions early on. The home becomes the new engagement ring—and in some ways, the new wedding.”
While it may seem like a fool-proof plan, there are some legal considerations to make before purchasing a home out of wedlock. John Braun, a real estate attorney at Thomas Law Group, points out that purchasing a home together without being married offers equal ownership, but not joint ownership.
He adds, “When I am not scaring people away from [buying a house before marriage] altogether, I usually recommend that they have an agreement that governs their ownership interests whatever happens. This kind of contract sets forth the contributions made by each party, establishes a right of either party to demand that the property be sold and makes a bunch of other decisions by agreement in advance that are impossible to make by agreement when the parties hate each other. This is an area where an hour or two with an attorney can really pay off in the long run; untangling these interests down the road is a time-consuming—and expensive—undertaking.”