Rebecca Meyer
Buying a house is often one of the biggest and most exciting milestones in our lives. It is also a huge step forward if we’re buying a house with a partner.
This man’s girlfriend has a substantial inheritance.
Recently, she told him she hopes to buy a house soon. He personally doesn’t feel financially stable enough to make that type of investment for a down payment on a house. The current state of the housing market also doesn’t help matters, in his opinion.
“So, we talk, and she says that she would buy the house and put the down payment on it, and I would pay her rent, and my name wouldn’t be on the deed. This is all fair in my eyes. Not ideal for me, but it’s fair,” he said.
Even though he understood her logic, this wouldn’t be the best for his financial state. Moving in with his girlfriend if she bought a house would mean the rent he would be paying her would be hundreds of dollars more than he’s paying for his current place.
This would make it more difficult for him to save money to one day get married to his girlfriend and potentially contribute to their home, even buy another property.
However, a disagreement pretty quickly ensued when he clarified that because he would be paying half of the mortgage in the form of rent but wasn’t on the deed, he wouldn’t be paying for any renovations on the house she’d be buying.
“I think this is fair because ‘sweat equity’ is vague and tough to calculate, and also, I wouldn’t be entitled to recouping any gained value from the sale of the house,” he explained.
Also, he is aware of the fact that if his relationship with his girlfriend ended one day, he wouldn’t have anything monetarily to show for it.
Sign up for Chip Chick’s newsletter and get stories like this delivered straight to your inbox.
