Are you ready to buy a house with your partner?

Are you dreaming about moving into your first home? While home hunting can be exciting, purchasing a home is a big financial commitment – potentially one of the biggest purchases you’ll make in your lifetime.

 

So you’re living in domestic rental bliss with your partner when the conversation inevitably turns to buying a house together. 

Excitement builds as the benefits of entering the property market beckon, but so does the realisation that buying a home comes with big financial, emotional and time commitments.

How do you know if it’s the right time? Here are six signs that indicate you and your partner could be ready to buy:

1. You’re ready to settle down

Buying a property is a long-term investment; to get the most from it you should be prepared to hold onto your new home for at least a full market cycle – around five to seven years. That means you and your partner should be ready to settle down in one place for an extended period.

You should be ready to settle down in one place for an extended period.

2. You’re both happy in your careers

Job stability is important when you have a mortgage to pay. Having a set, regular income will help you plan your household budget and minimise any nasty surprises. If you or your partner are considering a major career change, or are not happy in your current jobs, it may be wise to put off buying a home together until your careers are where you want them to be.

RAMS_BuyingTogether_550

3. You want the same thing

If you’re dreaming about a renovator’s delight but your partner is keen on a trendy new apartment, you’re due for a discussion. Communication and compromise are the key words here. Write a list of ‘must-haves’ and secondary ‘should-haves’ that you both agree on.

 

Read more: http://www.realestate.com.au/blog/how-to-tell-if-youre-ready-to-buy-a-house-with-your-partner/

5 Different Types of Bank Accounts

 

When it comes to storing money, where it ends up can make a difference. Whether the goal is to let money rest in place and build interest from investments, or be readily available for spending and paying off bills, several accounts can meet these needs.

Although banks offer a wide variety of accounts, they can be broadly divided into five types: savings accounts, basic checking accounts, interest-bearing checking accounts, money market deposit accounts, and certificates of deposit. All five are insured by the FDIC (in most cases, up to $250,000 per account). Most banks offer all of these types of accounts, so the bank you choose probably won’t restrict this decision, although it does make sense to choose the account type you want first, so you can focus on that type as you shop around to various banks.

Here is a brief description of each type of account:
Savings Accounts

These are intended to provide an incentive for you to save money.

You can make deposits and withdrawals, but usually can’t write checks. They usually pay an interest rate that’s higher than a checking account, but lower than a money market account or CD. Some savings accounts have a passbook, in which transactions are logged in a small booklet that you keep, while others have a monthly or quarterly statement detailing the transactions. Some savings accounts charge a fee if your balance falls below a specified minimum.
Basic Checking Accounts

Sometimes also called “no frills” accounts, these offer a limited set of services at a low cost. You’ll be able to perform basic functions, such as check writing, but they lack some of the bells and whistles of more comprehensive accounts. They usually do not pay interest, and they may restrict or impose additional fees for excessive activity, such as writing more than a certain number of checks per month.
Interest-Bearing Checking Accounts

In contrast to “no frills” accounts, these offer a more comprehensive set of services, but usually at a higher cost . Also, unlike a basic checking account, you are …

 

Read more: http://www.investorguide.com/article/11655/types-of-accounts-typically-offered-by-banks-igu/