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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?
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14y ago

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