Buying an apartment together? Here's what you need to know

Moving in together (or buying an apartment together) is a major milestone in your relationship. First of all, congratulations! Now, what do you need to know? Big decisions like moving in with your significant other can put a lot of stress on a relationship, which is why Panda7 wants to give you some of its best tips on saving money, making your transition smooth and quick, and how to handle insurance.

The worst thing you can do is rush into a decision, go through all the stress of moving, then realize it wasn't the right time and jeopardize your relationship. You want to make sure your relationship is one hundred percent solid and you're ready for your next big step.

Here's what you need to know before moving in with your other half for the first time.

There is a budget agreed upon before any move.

Perhaps you have this idea of a fantastic apartment with all the amenities: a private gym, an indoor pool, a sunset balcony… but many luxury features are expensive, and your partner might want to be realistic. Before renting an apartment, be clear with your partner about how much you're both willing to spend on rent each month, as well as any additional utilities that can be shared. This way, you'll both have similar expectations.

You're doing it for the right reasons.

While moving in with your partner can certainly mean saving on costs and equalizing the rent, that shouldn't be the only reason you're moving in together. Try to examine your reasons for moving and make sure that your decisions are entirely driven by your intention to take the next step in your relationship.

Tenant insurance – individual or joint?

Relying on your roommate's insurance is generally a bad idea (because their policy covers them, their belongings, and their liability—not yours), but what about a partner? Here's the problem: sometimes combining insurance can be tricky, but you're in it for the long haul (hopefully). Keep in mind that if you share a policy and your partner makes a claim, it's a claim that appears on both of your insurance histories. Of course, since it's assumed you'll be living together in the future, you won't need to constantly update your insurance company with a new living situation.

Check with your insurer about including your partner on your policy. A major advantage is that you can split the cost of your insurance and there are no additional expenses to include your partner. However, if either of you owns expensive jewelry or valuables, you may see a slight increase in your premiums.

You have a plan for the future.

Rent, utilities, future expenses, and more—all require a proper plan. Before moving in, you'll want to make sure you're both clear on what the plan is and comfortable with the decision. Perhaps you two have different ideas about grocery budgets, or one of you has a much more expensive idea of what a Friday night should look like. More than anything, you'll want to agree on how the allocation will be, or you'll plan to assess how your budget evolves over the next couple of months to allocate things more proportionally, either based on your utility usage or your income.

You know how to live together well.

This should certainly go without saying, but before moving in, you should live together well! This might mean having schedules that work well for each other, a good understanding of how tasks are shared, and a general idea of how the other person likes to manage their daily life. You should both participate and feel that your contributions are valued.

You don't keep secrets from each other.

In any relationship, keeping secrets from your partner is always a bad idea. When it comes to moving in together, you should also be careful not to have any financial secrets, such as student loans, debts, or bad spending habits that could later come back to haunt you both. It might seem personal to share, but you probably want to live with this person for years to come! Discuss all your debts, personal loans, car loans, or any collectibles you own and disclose them to your partner so they have a clear picture of each other's financial situation and there are no unexpected surprises later.

Moving in together can be a challenging undertaking. However, with clear communication, expectations, and a strong relationship, you can overcome anything! If you and your partner have already weathered difficulties—relationship, financial, or otherwise—you know what it means to put your emotions aside and work for the greater good of the couple. It's not a bad idea to have an exit strategy just in case things don't work out—and be upfront about it (it's not romantic, but it can help save your finances). Good luck with your move! We hope things go well for you and your partner.