The popular TV series “The Brady Bunch” popularized the concept “Modern Family” perfected it and, as per Pew Research, 16 percent of Americans live in an unintended family.
If you are the process of integrating the two family members, it can be a challenge. a lot of difficulties, particularly when it comes time to purchase or selling an apartment.
Alongside the usual issues with buying a house, including locations, finances facilities, neighborhoods, schools, and blended families may be faced with their own issues, including managing children’s emotional needs to legal issues in the event that the couple isn’t married.
Talk to your friend about money
It can be difficult to manage finances when you’re purchasing a home by yourself instead of an individual spouse. Before you begin to consider for a house, engage in a conversation regarding your personal financial situation.
“Consider meeting as a couple with a financial advisor,” said Susan Talbott, a certified public accountant who founded Pinnacle Financial Advisors in Phoenix. “They can help you access your tolerance for risk, how buying a new home effects your other financial goals, understand tax implications, and plan for future household expenses.”
The advisor will also assist you to understand your partner’s income or debt, credit scores and the best way to deal with any issues that may affect your decision to purchase a brand new home.
Experts also suggest that unmarried couples draft an official, written agreement which outlines who is responsible for what , and how the home will be dealt with in the event that the relationship breaks down. Looking to sell your house fast for cash? We beat the other guys’ offers learn more
“The agreement should clearly explain the couple’s understanding, so that they can avoid disputes in the future, and cover unexpected events,” said Dalon Morgan, a real estate lawyer from Pinnacle Plan Law Center in Scottsdale. “If the couple plans to get married the agreement will become an agreement on the prenuptial settlement of the house. It will also provide details about what happens to the home when it becomes an asset of the community following the wedding. The agreement could also serve as the procedure to divide costs and how to split the proceeds of selling the property.”
Even if the couple has separate financial accounts and pay for items in separate installments, Talbott suggests that it is possible to set up an account that is shared to pay for the mortgage as well as other house-related expenses.
“You want to keep track of every cent that you individually put into the house since it is not community property,” said realtor Katie Walsh, with eXp Brokerage in Phoenix.
Involve the children to the discussion
If two families decide to join forces in one household, the buying process can be a bit difficult due to the possible reactions of children, however there are methods to soften the edges and gain acceptance from the youngest generation.
“They were part of the process from the start,” said Kristen Jarnagin, a Long Island executive who has just bought an apartment with her husband and five children. “We were able to make it a relaxing activity to do during weekends and go to open houses. There was no timeline or pressure to buy which was good for all who was involved.”
Although real estate agents typically suggest leaving children behind while house looking, Walsh recommends to bring the children along.
“You want to make sure they like it, and you want to make sure they have a similar living situation, meaning if they had their own room before, you want them to have their own room in the new home,” she explained.
In the case of Jarnagin, the couple’s two 10 year old daughters wanted to share the room. They were allocated the biggest bedroom in the home. The remaining rooms were agreed upon considering the fact that her children live in the house full-time, and he is only part-time job.
Take the right decision
The most important thing in real estate is the location and this is especially true for families that are blended. If one family is forced to relocate and the children who are forced to leave their schools and their friends frequently feel devalued. Adults need to decide whether one family moves or if both families do, in order to level their playing fields. If one family has been displaced experts generally recommend that the family with the smallest children relocate.
“If you can keep all the kids in the same school system, that is ideal,” said Kathy Infeld, a psychologist in Scottsdale. “You should also try to find a location that is not too far from the child’s other biological parents to make moving back and forth easier on the children.”
If you’re considering moving to a new location you should get acquainted with the area by driving around at various time of day. Also, speaking to residents and visiting sites like NeighborhoodScout and StreetAdvisor to read reviews and statistics from locals on their area.
Make your relocation plans carefully
A lot of times, buying a home is linked to selling the one you already have. If both parties are movingout, buying a new home could be linked to selling two houses. Research the market, analyze your options for financing and schedule your timetable carefully. Keep in mind that there are several factors you’re not on your own, and you should be ready to let out your home, or even temporarily relocate to an apartment for a short time.
It is also possible to sell your house to a company such as Selling House. Selling House is a service that offers Selling House we pay only one charge to let you take control of your move and offer the most hassle-free selling process, without listing, showings, or months of anxiety.
Selling the house involves a number of steps we’ve detailed in-depth through our website, starting from the decision of how to sell it until the close of the escrow. The process of financing the new house is also affected by timing if one of the parties has unresolved issues in a divorce.
“You can’t get a loan until you have a divorce decree,” explained Walsh. “Make sure that everything is settled by settling any real estate issues from a previous marriage. Don’t place the horse ahead of you.”
Consult an expert on how to get the house’s title
Couples who are married will most likely own the property jointly tenants, however the process to name the property is more difficult for non-married couples. Based on the legal source Nolo Three options to title the property and each has its own pros and cons. One person is the sole proprietor, and both of them have it as “joint tenants” or “tenants with common rights”. The rules for title differ from state to state and experts suggest to discuss this in consultation with an attorney or a title professional.
According to real property designer Michael Banovac of RMB Luxury Real Estate, a different option could be to place this property within a living trust that is revocable that allows each party to define what happens when the survivor spouse moves out or dies.
A joint revocable trust allows them to place the home into the trust, and add trustees “and then add instructions to the trust, directing the trustee what needs to be done with the home in the event of death or disability,” Morgan said. Morgan.
This is contingent on title to the property and the wording in the deeds, Banovac says. The trust must also become an insured party for the title and homeowners insurance.
Decluttering when you combine households
After you’ve purchased an entirely new property and then already sold your existing home now is the time to determine how to make two families stuffed with stuff.
“It’s hard because we both rebuilt homes after our divorces, so both of our things are pretty new,” Jarnagin said. Jarnagin. “This is where we’ve also had to make executive decisions that the children haven’t liked.”
As the trash and donations accumulate the tempers and emotions could rise also be in the air. The brother may not be able to comprehend why his sister owns lots of clothes. She may not understand why his brother keeps a lot of sporting equipment he has never used.
But, make sure you do the necessary purge to ensure you’re not bringing things to the home that you don’t need or cherish. According to SquareFoot that reducing things will be a process of compromise as well as the removal of unnecessary items. You don’t really need two coffeemakers after all.
Enjoy some time with your family
When you’re moved into your new home, the process will not be complete.
According to Infeld Infeld, even the case that everyone was a good match prior to moving in, a move can trigger emotional reactions and bring new problems.
She suggests that children be active in the decorating of their new rooms and also ensuring that they get time to be with their parent and also engaging in things that bring together the family and make the house into a true home.
The final thought
The idea of combining two families may appear to be a daunting undertaking However, the combination of strategic planning, including all family members and the selection of an appropriate new house that meets the needs of everyone will ensure that the transition is an enjoyable one.