Posted on 09/24/2024 4:25:40 AM PDT by where's_the_Outrage?
Buying a home with friends sounds like a dream. Until you try to get out.
Celeste King invested $100,000 to buy and renovate a lake house with two friends near Austin, Texas, in 2021. She envisioned weekend getaways, work retreats and lazy days at the pool—at a fraction of the cost of solo ownership......
The number of co-buyers with different last names hit a record in data going back a decade in 2021. It fell 29.5% over the following two years, according to real-estate analytics firm Attom Data Solutions. The percentage of co-buyers who reported purchasing with friends was 7% this year, compared with 14% during the same period in 2023, according to Zillow.
The appeal of buying with friends stands to recede further with the Federal Reserve cutting interest rates, real-estate analysts said. Lower mortgage rates could make traditional homeownership more affordable to first-time home buyers.
Depending on when the home was co-purchased, falling rates could open up the option to refinance or move to a new home with better terms.
When co-ownerships end, it is usually not because of conflict, according to real-estate lawyers.
“The vast majority of people who want out are leaving just because they want to move, or they are getting married, or their job is in a different city,” said Andy Sirkin, a real-estate lawyer specializing in co-ownership agreements.
But close quarters can spark difficulties.
(Excerpt) Read more at msn.com ...
LOL, I remember that episode.
Buying a house with a friend seems like a sure way to end a friendship.
Yep. My friend was looking at this scenario - she inherited a home from a relative that lived in a resort area - rather than sell it, other family members stepped forward claiming they would help pay off the house, the insurance and taxes.
She knew all of that was a lie and she would be stuck with ALL of the expenses and a lot of excuses while her family enjoyed time in the resort area with their families and friends.
She did the correct thing and sold the home immediately
Buy it yourself, charge friends to use it when you are not there.
Only to an idiot!
A thousand times NO.
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