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Buying a home with friends? Proceed with caution

Have you always dreamed of owning your own home? Do you wish that you no longer had to pay rent to an impersonal landlord and instead pay a mortgage and build equity? Like many others in Delaware, home ownership may be one of your most important goals in life. And like many others, you may find yourself facing the real possibility of being unable to afford this step on your own. 

Many buyers, specifically young potential homeowners, find they cannot afford to make a purchase on their own. For this reason, it is more common for multiple adults to pool their resources and buy a home together. This may seem like a smart way to ease into owning your own place, but there are many reasons why you should proceed with caution and take steps to secure your own interests.

What do you need to know?

Millennials are one of the demographics where it is more common for people to buy a home with their friends or with other people with whom they are comfortable sharing space and financial responsibility. This is especially prevalent in expensive or competitive markets. Before you agree to move forward with buying a home with other adults, it may help you consider the following facts:

  • It requires thoughtful planning to make this kind of arrangement work well. All parties need to work together to draft formal agreements that can reduce complications in the future.
  • It is important that all parties buying a home together be open and honest about their financial capabilities, how much they can pay each month and what they can contribute toward a down payment.
  • Roommates will need to talk about specific arrangements for sharing space in the house, and how parties will pay for things like insurance, utilities and repair bills.
  • It is beneficial to have a plan in place regarding what will happen if the roommates decide to move out or sell the home in the future. 

These are just a few of the factors you will find it helpful to consider as you make one of the most significant legal and financial decisions of your life. Careful planning and preparation for contingencies can help you avoid costly and stressful disputes in the future

Before you buy a home, you will find it beneficial to think about how you can protect yourself and preserve your financial interests. It may be tempting to jump in and rush forward with the purchase of the home, but it is prudent to consider your finances and potential issues that could arise. Seeking the counsel of an experienced legal professional before moving forward is a wise step.

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