There are certain milestones in a person's life that happen in a particular order. For instance, New York residents often go to college before getting their first full-time job. In the past, most couples bought a home after they exchanged wedding vows. However, that trend seems to be waning.
A Coldwell Banker Real Estate survey found that about 25 percent of couples between the ages of 18 and 34 purchased a home before their nuptials.
One couple is currently looking to buy a condominium even though they have never lived together before and aren't engaged to be married. However, they plan to spend the rest of their lives together and want to take advantage of low interest rates.
Some people say that buying a home actually strengthens a couple's relationship. It lets couples know that the other person is committed.
"Increasingly, Americans and especially Millennials see marriage as something that should be entered into only after you've taken several steps toward showing your maturity," an official with the Council on Contemporary Families said.
Whether couples buy a home prior to getting married or not, the purchase of a home is a big step in a person's life. A lot of people still view the home-buying process as a way of living out the American dream.
In the event of divorce, it may be difficult to determine who should keep the home. New Yorkers who have gone through a divorce know that property division matters can be difficult to resolve. However, an experienced legal professional can help couple's work through their issues.
Source: USA Today, "More Millennials get house before getting hitched," Haya El Nasser, April 17, 2013
· Our firm works with people who are working through property division matters. Please visit our Broome County divorce page for more information.