A 2022 Zillow survey found that of prospective home buyers, 19% intended to buy with a friend or relative in the next 12 months. Affordability and qualifying for a mortgage were cited as the top reasons. Now in early 2023 both challenges are even more acute. I can image many people, both first time and more experienced buyers wanting to join forces to buy.
If you are thinking of giving co-buying a try, my advice is to spend time going through a bunch of “what if” scenarios, like what if your buying partner takes a loan that results in a lien on the house? How will you finance repairs or remodeling? If you agree to flip the property in three years, what happens if one of you doesn’t want to sell? What if one of you wants to Airbnb their rooms? What if one of you wants a dog?
Plan to sit down with me to discuss the real estate questions, including questions about zoning for various uses. For instance, if you’re planning to rent the house out, split the property, or do short-term rentals, you’ll want to know what’s possible before getting too far along. Call anytime for an appointment. (718) 399-3320