Real Estate

Need advice for moving in with partner

  • Last Updated:
  • Feb 27th, 2017 12:03 pm
[OP]
Jr. Member
Oct 3, 2012
197 posts
35 upvotes
GTA

Need advice for moving in with partner

Hi all, my boyfriend and I have been together now for 5 years now and things are still great between us. We have been talking about moving in together quite a bit now. A bit of background.
I was married and got divorced 5 years ago and kept my house. I still live in it at the moment.
My boyfriend purchased his first home just after we met.
So we have separate houses, I renewed my mortgage last year on a 5 year fixed rate and his mortgage is up for renewal this coming October.

We would like to know the best approach to move in together.
Do we sell both and buy a house together? I understand that I will have to pay a penalty for breaking the mortgage.
Do we keep one and sell one? His home has gone up in value a lot more because he's closer to the city. My house is further north of the GTA.
Do we keep both? if we keep both we would have to rent them and I have always been worried about bad renters and so has he.

Any advice or if anyone here who has been in a similar situation can chime it that would be great thanks.
3 replies
Banned
Feb 23, 2009
1670 posts
1495 upvotes
Oshawa
Couple of quick comments:

1. You don't have to pay a penalty if you port the mortgage to another property. Might be an option depending on interest rate.
2. Can you sell your house for more than you paid? Let the boyfriend pay. Always a good option.
3. Renting is OK if you can cover costs. Is the place desirable to rent? It's easier to be a landlord than a lot of people think.
4. Are you ready to make a commitment to get re-married and share in the purchase of another home?
Deal Addict
Feb 9, 2013
1806 posts
776 upvotes
Mississauga
Make a decision on which place you two want to live, and sell the other one.
Deal Fanatic
User avatar
Feb 2, 2014
8889 posts
2543 upvotes
Toronto
Julypop wrote: Hi all, my boyfriend and I have been together now for 5 years now and things are still great between us. We have been talking about moving in together quite a bit now. A bit of background.
I was married and got divorced 5 years ago and kept my house. I still live in it at the moment.
My boyfriend purchased his first home just after we met.
So we have separate houses, I renewed my mortgage last year on a 5 year fixed rate and his mortgage is up for renewal this coming October.

We would like to know the best approach to move in together.
Do we sell both and buy a house together? I understand that I will have to pay a penalty for breaking the mortgage.
Do we keep one and sell one? His home has gone up in value a lot more because he's closer to the city. My house is further north of the GTA.
Do we keep both? if we keep both we would have to rent them and I have always been worried about bad renters and so has he.

Any advice or if anyone here who has been in a similar situation can chime it that would be great thanks.
Buying and selling real estate is expensive. When you're selling, you have to pay agents and closing costs. When you're buying, you have to pay land transfer taxes and closing costs.

Selling 2 properties and buying another will cost a lot. Why not just sell one and live in the other OR keep both and rent one out (and live in the other)?
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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