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“I Want To Buy A House With My Partner, But They Have Bad Credit”
Are you paired with a less financially savvy partner?
Here’s the thing about relationships: when you enter a relationship, your money, credit profile, and financial habits also enter the relationship. For some people, this is a dream; for others, it’s a f*cking nightmare.
When your partner’s credit and/or income does not meet the criteria to purchase a house at the rate you prefer, it can be a wrench in the wall. The only way around this is for your partner to invest time, money, and energy into repairing their income and credit or purchase the home on your own.
Both ideas can work depending on your goals.
Option 1: Repair Credit and Increase Income
Repairing credit can take time. The worse your credit history, the longer it takes to repair. The whole process could entail paying off debt in and out of collections, decreasing credit utilization, implementing automatic payments, creating and following a budget, cutting expenses, and a whole load of other things that come with being financially responsible.
Increasing income can be done quickly, but here’s the thing about that, many people don’t want to invest time and energy into increasing their income by interviewing for a job or starting a side hustle. You can’t put drive into people; they must have the drive within themselves.
Option 2: Purchase the home in your name alone
Ultimately, this is the best option, so you don’t have to put your life on hold. The only thing is that you may potentially lose out on some purchase budget because you’re not including your partner’s income.
Now, if your partner’s income isn’t much in the first place, this won’t make any difference. However, if your partner makes a chunk of change, not including their income will be a loss if you want to obtain a pricier home.
Things To Think About
If your partner isn’t good with their finances now, do you want to enter into a potentially several-year housing agreement with them? Hmmmmm…..for some people, this won’t matter, but for those who are financially savvy, dealing with a partner that doesn’t prioritize their financial health could be a major strain on the relationship.
If you decide to wait for your partner to repair their credit and/or increase their income, be prepared to wait for a short or long while. Depending on your partner’s dedication to increasing their financial health, it could go either way. Good luck!
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This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.