Is it time to buy a home together?

Love is in the air. While you are being surround by the ideas of grand gestures of love and commitment this Valentine’s Day, you and your loved one might be thinking of making a big move – moving in together! Before jumping into this with both feet, you two need to sit down together to have a serious discussion about expectations and what this will mean for each of you. Going into this with a clear mind will not only allow you to enjoy the buying experience as well as to help alleviate disappointment later on.

Be open and honest – After making the decision to live together, the next most important discussion is regarding your finances. Speaking to your loved one to better understand their spending habits, income, debts and savings. Discuss whether it is best separately split financial costs or to open a joint account to cover your monthly housing costs. However, whatever decision you make, it should be equally agreed on, including how the account will be used and how much will be deposited into them.

Budgeting bliss – When two people come together to live under one roof it is imperative to understand and agree on the lifestyle you would like to have. The best way to achieve and maintain that lifestyle is by creating a budget.  Your budget will outline your essential and non-essential expenses, allowing you to not only pay your bills, but to be able to save for the future. Whether your goal is to save for a vacation, house or children’s education fund, it will help motivate you to not only create your budget, but stick to it as well.

For more information on how to draw up a budget visit the Financial Consumer Agency of Canada (FCAC) website, fcac.gc.ca.

Source: Financial Consumer Agency of Canada (FCAC)

Kimmé Myles
Matching her knowledge of Toronto's eclectic mix of downtown neighbourhoods and impassioned by her diverse mix of buyers and sellers, Kimmé is naturally motivated to create a positive and professional experience. Kimmé does her homework and knows her inventory. She is genuine, honest and a straight shooter. Nor is she afraid to think "outside the box" as she employs creative strategies to make dreams become reality. Born and raised in Toronto and coming from a successful fashion background in design and management, Kimmé could not have met a better match for her entrepreneurial skills than by working in Real Estate. Inspired by her father, well known Toronto clothier "Lou Myles", she learned from a very young age to work hard and strive for excellence. In a competitive industry where customer service is paramount, she has received numerous sales awards over a relatively short time in the business. Entrusted with the life choices of her clients, Kimmé is truly honoured to have the opportunity to serve and assist others. Licensed as a full time Sales Representative since 2005 with Royal Lepage Real Estate Services, Ltd., she is proud to be affiliated with the Johnston & Daniel (J&D) Division of Royal Lepage, Toronto's highly respected boutique brokerage and by far Royal Lepage's # 1 producing brokerage across the country.

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