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What information do you need to know when buying a house with a friend?
Wiki User
∙ 13y ago
Before you purchase real property with a friend you need to consider a lot of factors carefully:
- How will the property be titled?
- You need to know their credit history.
- Are they very good about paying bills?
- Do they earn enough to afford to own a home and afford all the various utilities and expenses of home ownership? Is their employment long term and stable?
- You need to know if your lifestyles mesh: are you neat or are they messy?
- Will they share maintenance duties and help keep the dwelling and grounds neat and in good repair to protect the value of the property?
- How long do you plan the relationship, both the friendship and the homeownership, to last?
- Is there enough parking for equal parking?
- How will the living space be divided?
- Do you like their friends and do they like yours?
- Do they have any bad habits that will grow on you? Do their friends?
- Do they drink and like to party? That type of behavior does not mix well with home ownership.
- How will food expenses be divided? Cleaning and laundry supplies?
- Will either or both of you have pets?
- What will happen to your shared financial obligations if someone loses their job?
- Can you afford to carry the mortgage alone? Can your friend?
- Will there be overnight guests?
- Who will pay for repairs if a friend or guest damages your property?
Wiki User
∙ 13y ago
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