Is Moving in With Your Partner the Best Way to Save on Housing Costs?

You don't want to make this move too soon.

There's no denying the benefits of having a partner to help shoulder your rent or mortgage payment. Together, you may be able to afford nicer living accommodations than you could on your own or free up more of your monthly income to spend on things you enjoy.

But moving in together is a big step, and there's more than finances you need to consider. Rushing in could lead to major problems down the road. Nearly 42% of people who moved in with a romantic partner later regretted it, according to a Realtor.com survey. If you don't want to wind up in that situation, make sure you do the following before handing over the keys to your partner.

How to know if your partner is roommate material

The most common reasons people regretted moving in with their partners, according to the Realtor.com survey, were because the relationship didn't work out or they realized upon moving in that their lifestyles weren't compatible. When couples in this situation break up, the process of moving out and dividing the household goods can just add extra stress to an already difficult situation.

That's why it's generally a good idea to hold off on moving in together until you feel pretty confident that you and your partner are going to be together for the long term. You also want to feel good about your ability to handle conflicts or clashing habits respectfully, as these issues can be common among new roommates.

Even better, you may want to do a test run before you actually move in together. Have your partner stay over for a weekend or even a week to see how the two of you get along while sharing the same space. If any issues arise, talk about them and see if you can come up with a solution that works for both of you.

Alternatives to moving in with a romantic partner

Don't rush to move in with a romantic partner if you don't feel ready. If it's the right relationship to cohabitate, you will always have that option down the road. In the meantime, there are other ways to ease the strain on your wallet if you're struggling to keep up with your rent or mortgage payments. Here are three things to try.

Seek out more affordable housing

If your rent or mortgage payment takes up more than 28% of your monthly income, it might be worth looking for more affordable options. This could mean moving to a smaller home or to a more affordable neighborhood.

Before you do this, though, make sure the move will actually save you money. If it takes you far from your place of employment, for example, you may have to spend more on transportation to get to and from work every day. It might not be worth it if you're only saving a few dollars per month on housing.

Look for a roommate

A romantic partner isn't your only option for a roommate. If you have friends in the area, you might consider moving in with one of them. Then, if in a year or two, you're feeling better about moving in with your partner, you can do so.

But the same general rules apply when vetting any potential roommate. Think about how compatible the two of you are and make sure you are comfortable addressing problems as they arise.

Consider offering a short-term rental if you're rarely home

If you're already spending a lot of time at your significant other's place but aren't ready to fully commit to living together, you might consider renting out your home or apartment on a short-term basis through a service like Airbnb. This way, if things don't work out with you and your partner, you have a place of your own to return to. You might also be able to turn this into a nice side hustle if you live in an area that people frequently travel to.

Before you do this, though, you should weigh the potential consequences. Some landlords don't permit this, so you could be in violation of your lease by subletting your apartment. You also open yourself up to liability if the renters cause damage. Make sure you have the appropriate renters or homeowners insurance coverage to protect you from the worst-case scenario.

Ultimately, if you see a future with your romantic partner, you probably will want to move in together at some point. But rushing it could just damage your relationship. Give yourself the time you need to make sure it's the right decision before you take that next step.