Financial implications of purchasing a first home?
My girlfriend and I bought our first home and I'm wondering what finance topics this touches on?
Some relevant info might be:
We're in Vermont
We aren't married
We bought the house in late June
Some of the downpayment was gifted from family
Some of the downpayment was liquidated investment funds
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Congrats!
Make sure you nail down NOW what happens to the house should you eventually separate. I know lots of unmarried couples who have stayed together for decades and look likely to do so for life; I've also seen some marriages break up that I wouldn't have expected to. Better to have this discussion NOW.
Beyond that: Main immediate implications are that you have new costs (taxes, utilities, maintenance) and new tax issues (mortgage interest and property tax deductability) and you're going to have to figure out how to allocate those between you (if there is a between; not sure whether unmarried couples can file jointly these days).
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