How to Decide if You Are Ready to Buy a House With Your Same-Sex Partner

For some gay and lesbian couples, buying a home is the final step in putting down roots as a family. Other couples prefer to go through life without the hassles and costs of home ownership. Still others want a house but simply aren't ready. Here's how to decide if you're ready to buy a house with your same-sex partner.

Difficulty: Moderately challenging

Instructions

Things You'll Need:

• Credit Reports

1. Decide first if you're confident that your partner is financially responsible and that your relationship is stable. If not, you could be left alone with a house you don't need.

2. Discuss whether you plan to stay in the same city for at least several years. You may not want a house if your partner plans to take a job in another city when he or she finishes school or if you're considering retiring in a couple of years to a nicer area.

3. Think about the incidental costs of home ownership that you don't have when renting. Unexpected repairs and paying for lawn maintenance, for example, can put a big dent in an already tight budget.

4. Take a look at both of your job histories. If you've been employed at the same job for two years or if you've been climbing the career ladder, that will make getting a mortgage easier.

5. Look at your credit histories, too. If your credit reports have a lot of negative entries, you may need to get other parts of your financial life in order before buying a house.

6. Survey your savings. You'll almost certainly need money for a down payment, and that can easily require several thousand dollars.

7. Consider whether the monthly mortgage payments will be more than you can handle. If paying the rent is already difficult, you may not want to buy a house just yet.

8. Base your decision on more than just finances. If you're both rarely home and neither of you wants to deal with painting, air conditioner maintenance and all the other obligations of home ownership, it may not be time for a house.

Tips & Warnings

• If finances allow, consider a condo or a similar arrangement where you have no yard to maintain and where the outside of your home is maintained by a contractor hired by the local home owners association. That can eliminate a lot of the hassles of having a house.