house ownership

[Husker22022]

My fiancé and I are buying a house together. He would pay all the down payment and closing costs (100k), all principal (420k), repairs, renovations (50k), improvements, and other costs tied to the actual house.

I would contribute half of the ongoing living expenses like interest, taxes, insurance, utilities, etc. (1700 a month). I wouldn’t pay for any of the actual house itself.

He thinks ownership should reflect who is actually paying for the house.. i.e. he owns the house only. I think since we should be on house 50/50.

This is a joke right? Why would he gift you half a house?

Because I’d be living there and paying half of expenses . Half the interest on the loan, half the monthly bills (electric, gas, water, hoa), half property tax .. total monthly bills are like 3400 a month for this 420k house and I’d pay 1700 a month

But you'd be paying rent elsewhere so what is the difference? I think this post is disingenuous to be fair but still. You could move in and then move out in 6 months and take 50% of the house. Your boyfriend is right and my answer would be the same whether you are man or woman. Goodnight!

Yikes, I hope he insists on a prenup

I’m sorry but what am I missing? I’m paying $20,400 a year but get no ownership? I’ve never owned a home. Plus we’d be married so why wouldn’t I be on the deed as an equal owner ?

You should both see a solicitor to ringfence his deposit and protect your input as well. Make sure there are clauses that even things out if you take maternity leave. Also add childcare costs, costs incurred while raising children (food, clothing, education, extracurricular activities) and income disparity, home & garden maintenance, etc. Also ensure that the only joint account is one you use for household & child-raising costs and keep all other loans (credit cards, cars, phone plans) separate.

I think he needs to protect what he’s putting in by making a declaration of trust. It’s only fair if you split that he gets back what he put in because you are not contributing to the initial outlay in anyway.

utilities are running costs they aren’t investments they have no reflection on the home ownership
im sorry they guy needs to run for the hills he’s been had over
he’s bringing a lot to the table and your empty handed

You need to get a house you can both afford if you want a house together.

@Husker22022 if you paid half the 100k, half the 420k, half of the 50k, and then half the ongoing bills, that would be a good start towards 50/50 ownership.

As others have said though, it isn't always as simple as that. What country are you in? Do you plan on children? Etc.

At the point of purchase your fiance owns all the house. You are entitled to half the capital gain thereafter. That's what we did in 1991. That's the approach dh wanted.

If living in a house gave you ownership of that house, there would be no such thing as renting.

The ownership should be solely in your partners name. He is the one paying for the house. What you are paying is half the ongoing costs for running the house, as will he be. Running a house costs money. If you rented you will also be paying running costs. Running costs are separate and not the same as paying to own the house. You are contributing nothing to owning the house therefore it should be only in your partners name.

You are using American terms so I’m guessing you aren’t in the UK.

But no, you are paying some expenses for living with him, but no way should you have any joint ownership unless you are contributing the deposit and to mortgage repayments.

Because this is MN and one rule for men and another for women!

At best you would be paying rent except you're probably getting a better house than renting would get you! What you would be paying are normal living expenses.

I hope he sees sense and runs away before he's fleeced! Were you to commercially rent the equivalent property, how far would your $20,400 go in rent and living expenses?

Only if she contributes 50% of the maintainence, upgrades etc of the house during their living there. He needs to keep track too of the purchase of the contents of is house, these should all come from a joint account where each contributes equally.