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Pitching In: How to Buy With Others
Make sure all parties are on the same page before co-owning a property
By John Morell, FrontDoor.com | Published: 8/06/2008
Do some preliminary research before shopping for a home with friends or family.
At some point, you've probably considered co-owning real estate with friends or family. In many cases, these arrangements can strengthen friendships and build bonds. When used to buy a primary home, they're a way for two parties to afford a house they couldn't have looked at before.
However, when things go wrong in a property partnership, they can go very wrong, causing financial and emotional distress for all involved. "It's not uncommon to see best friendships turn sour very quickly," says Karen Radakovich, a Denver real estate attorney. "It's not the kind of decision to make while you're having a great vacation together. Go home, do some research and prepare for some honest talks with your soon-to-be business partners."
Here are some steps to help guide you through the process of buying real estate with friends or family:
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