Splitting the Bill: How to Pay for Your First Home

Bills are pretty straightforward—you get them, you pay for them. The problem comes when you have to split the bill with someone else. When you purchase a new home with your partner, how will the two of you handle your share of bills? Will it be an even split, or will one have to pay more than the other? It’s important to have a plan early so that your bills won’t put a strain on your finances, and ultimately, your relationship.

Evaluating income

Not all couples fall under the same tax bracket. More often than not, one partner is the clear breadwinner and that person will likely have to shoulder a bigger burden in terms of bill payment. Still, some couples decide to split the bill equally despite the discrepancy in salary. The best thing you can do is discuss the ideal setup with your partner long before you purchase your first home.

Professional help

Every couple has a unique financial situation. If you’re having trouble balancing your finances, it will be wise to talk to a financial advisor who can evaluate your income and establish the ideal bill payment setup for you and your partner. Armed with the right split, that will be the time to approach a home builder and start discussing the purchase of your new home.

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