What to Consider When Purchasing Real Estate with a Friend Category: New Homeowners
Posted by Niels Madsen on
In this day and age, owning property can feel like an impossible goal. On top of the down payment for your new home, you’ll have to consider the cost of the mortgage, maintenance, repairs, and more mundane things like decorating and finding the furniture you love.
When you ask the questions, the answers might lead you to consider making your real-estate purchase with a friend, relative, or someone else who’s in the same situation as you.
But how do you go about buying a property with someone else? As a co-owner, how do you protect your investment? What do you need to consider when drawing up a co-ownership arrangement?
Read on to learn the answers to these questions and why you may want to consider an arrangement like this.