If wedding bells aren't in your near future, but a home purchase is, you're not alone. Last year, an average of 15 percent of young homebuyers were unmarried couples. While there's no reason you have to wait for the nuptials to buy a home together, there are some potential complications of which you need to be aware. Understanding the big picture will help ensure smooth-sailing once you've found your dream home.

Here are five things unmarried couples need to know before buying a house together:

1. Discuss Your Finances
   Have an honest conversation about things like your current incomes, credit scores, and savings before starting your home search. Everything will come out when you apply for a mortgage, so now is the time to open up. It's better to work on fixing problems now than to face an unpleasant surprise when the bank gets involved.
   
   
2. Everything Doesn't Have to Be 50/50
   Once you're clear on each other's finances, you can decide who will pay for what. No rule says everything needs to be divided equally. Decide what you're comfortable with regarding the amount each person will contribute to the down payment, mortgage payments, taxes, insurance, and maintenance costs.
   
   
3. All of Your Agreements Should Be in Writing
   You may trust each other implicitly, but you should still document what you've agreed upon in the form of a legal document.  A home purchase is a significant investment, and without the protection of being legally married, it only makes sense to protect yourself.
   
   
4. You Need an Exit Strategy
   Even couples who are head-over-heels in love sometimes don't make it. You may think it will never happen to you, but you still need to define your exit strategy clearly. The legal document you create should clearly show how much equity each of you has in the home and outline exactly how you'll handle things if you were to break up.
   
   
5. Titling Options Matter
   When it comes to how your home is titled, you have a few different options including sole owner, joint tenants, and tenants in common. Before making your decision, take the time to consult with an attorney so you can choose the option that's best for you. 

Once you've covered all your bases, it's time to enjoy shopping for your dream home. Give me a call when you're ready to start your home search.