Homeownership trend: buying with a friend

By: INVIS - Canada's Mortgage Experts

Homeownership trend: buying with a friend

Tags: Mortgages, Buying a Home, Toronto real estate, Investing

An interesting new homebuying trend emerging among millennials is home purchases that are completed with a friend. It's a creative solution to the housing market given tough qualifying rules and high prices. Pooling your resources is a great way to take you from the fringes of homeownership to landing what you really want and getting a start on wealth building.

Here are a few of the things you'll want to talk about before you get started:

Detached, condo or something else? How many bedrooms/bathrooms and what amenities do you both want? Are you the fixer-upper types or do you want move-in ready?

What can you both afford? Remember to factor in closing costs including lawyer's fees. Put a budget together that includes property taxes, any condo fees, heat and hydro, internet, cable, anticipated maintenance costs, and household expenses.

Next, talk about how co-ownership will work, and consider getting legal advice and a legal agreement outlining roles and responsibilities, including:

Today many young millennials are getting their money working for them early through property partnerships with friends. A little pre-planning and you could be hosting your joint housewarming party!

Any questions about the post - 'Homeonership Trend - Buying With A Friend' I want to hear from you so leave your thoughts in the comment section below or contact CINDY PUSATERI from INVIS at: 416-926-0529 or apply onlin HERE. 

Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662.