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There comes a time over the course of any ’s time in a particular piece of where it seems that the are providing a for a but little for you. Indeed, as incomes begin to creep up and the ability to handle at least a portion of becomes a possibility, more and more renters are beginning to feel that way and enlist a friend to their dreams happen.

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There is a time in life where particular can outgrow renting but perhaps be too small to take on a full mortgage. As a way to either bridge that gap or land a home above a single person’s , are beginning to team up in greater numbers to operate as co- of a home. As with any , these deals require a bit of care and, more importantly, asking some tough questions of yourself and your prospective .

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Why Do You Think Is For You?
Everyone that ponders co-ownership needs to be sure about why it seems like a good idea. Problems can arise when you and your friend are not on the same page about the benefits you hope to see through co-ownership and that discord can harm the search for an actual home. Are you looking for for the ? Are you looking to upgrade your surroundings by sharing the mortgage burden? Are you hoping to and sell the home in five years? These types of motivations are common and the only way to be sure that you and your prospective co-owner are on the same page is to go ahead and ask them. It may seem silly, but this step has to come before ever going to a showing or looking at an open as your target will change based on what you are trying to accomplish.

What Happens If You Get That Job ?
Any plan needs and getting involved with a co-owner is no . What happens if you get the of a in a different state? The discussion needs to take place about the that face both of you if one of you decides to . There are a should that occur.

Of course, you can both go your separate ways and but this ruins your goal of building equity if that is what you set out to do. Another option is to and pursue someone else as a new co-owner. No matter what your decision, it should be made before ever getting involved in the transaction to ensure a seamless transition should the time come?

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While it may seem crass to ask this in regards to how you feel about your prospective , the fact of the matter remains that a significant portion of is tied up with this person. If you have doubts about whether your friend has the , that should send up a red flag and end the discussion there.

Often, the given in these types of situations make both parties entirely liable for the entirety of the loan. That means if your friend skips town without paying, can hold you solely liable for the , not the half you planned on paying. Be sure of who you get involved with for co-ownership as it could save .

Co-ownership can be a great way to of wasting on rent and wanting to build equity without the income level to do so. However, before ever traveling down that path, you need to ask you and your prospective housemate these questions to make sure that you aren’t getting in over your head. Stay careful and you will ultimately find the .

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