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How do I buy a house with a friend?
My current roommate and I are renting. If we put our money together we could afford to buy a house. Buy I'm worried about buying a house with a friend. What if one of us wants to move out? Could we buy each other out? How do I proceed while also protecting myself and my finances?
Asked By Eric | Santa Barbara, CA | 171 views | Buying | 5 months ago
Answer(2)
Julianne Clark / Your Lowcountry Realtor
Charter One Realty
This is a popular concept now with high home and rent for young adults and seniors. Before you move forward -- make sure you take into consideration that buying a house is a long term event. Where do you plan to be in 5 years or 10 years? How about your friend? There need to be a lot of questions asked and answered and maybe some legal documents created. If one of you looses your employment, couples up, want to move or your friendship changes -- how will that be handled, etc. There are greater chances for financial setback buying than if it is just your roommate. Do your research and ask those difficult questions before proceeding!
- 5 months ago
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Tom Matthews
Gibson Sotheby's International Realty
Eric, this is a great question and a tricky one for sure. Values are up and housing has become less affordable but buying with a partner can be amazing and disastrous. The only way to get someone off a deed in most states in through a refinance so if you do not see your income changing drastically if things did not work out you would be forced to sell. I would be very cautious about this arrangement. Concord, ma real estate
- 4 months ago
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