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How To Buy A Home With Your Friends

Modified on August 9, 2021 at 9:45 PM

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It has long been challenging to get on the property ladder. Affording a home has long been impossible for young single people in modestly paying jobs.

Reports in late 2019 showed that more people were purchasing homes with their friends, splitting costs in an expensive market. It is an option that is perhaps dismissed too readily by wider society. Anything that puts a roof over oneโ€™s head during economic uncertainty is worth investigating further. 

Some people understandably have reservations about buying a home with a friend. It is a worthwhile endeavor if you put the right amount of thought and effort into it. Consider the following points to make the process easier.ย 

Choose the Right Friend

Ensure that the person you choose to live with is of good character when you are buying a home with a friend. Benefit from a friendship that has spanned years if possible.ย 

Remember that conflicts can be common among anyone sharing a home together. Evaluate your friendโ€™s qualities privately. Ask yourself: 

  • Is your friend frequently noisy and dirty? 
  • Are they responsible figures in their daily lives?
  • Will they be upfront with their finances? 
  • Does their income better your homebuying prospects?

Do not accept invitations to buy a home with a friend on a whim. Trial your co-living arrangements under a rent agreement before homeownership if there is any uncertainty about how well you will get on. 

Try to be on the same page with your commitments. Anticipate having equal shares in the property so that you can sell together and avoid instances of one friend undermining anotherโ€™s authority during crucial homeownership decisions because they own more of the property.  

Approach Lenders Together

Prepare for teamwork when you are buying a home with a friend. Approach lenders together, as these parties will need to know who they are working with and why.ย 

Work together to find the most capable lenders you can. Book free consultations with The Home Loan Expert, who are among the best mortgage lenders in Kentucky and other states. Utilize their yearsโ€™ worth of experience for peace of mind. Avoid petty arguments over which lender is best, as The Home Loan Expert offers the lowest rates on the best loans.

Draft any questions you may have together, as each of you may have unique lines of enquiry that can cover more ground. Use this process to gauge whether your friend is as equally proactive and enthusiastic as you are. Remember that you can always back out before anything is signed, so remain analytical at this juncture. 

Discuss the Endgame

Remember that buying a home with a friend is not the same as buying one with a romantic partner. Adopt the perspective that the shared homeownership will end eventually. 

Create a loose plan for how the shared ownership might end. Refrain from creating a strict timetable, and you will avoid unnecessary pressure. Do account for life happening at any moment and that either of you may meet a romantic partner in the next few years and wish to settle down with them instead. 

Make sure that your legal documentation reflects these attitudes. Get it all in writing so that handshakes and promises are not forgotten or disputed when your commitments end months or years later. Divide assets fairly and reasonably. Mitigate the chances of any shocking surprises or bitter conflicts through these arrangements.  

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Posted By The Fashionable Housewife
on August 9, 2021 at 9:45 PM
Filed Under: Home Life
Tagged With: buy a home, buy houses, buying a home, buying a house, home buyer, home buying, loans, mortgage, mortgages

About The Fashionable Housewife

Sarah-Jean Ballard is the Editor in Chief of The Fashionable Housewife blog and Founder of Fashionable Media. Married to a sexy Molecular Biologist, housewife, mom to 5, homeschooler, Certified Personal Nutritionist and entrepreneur who's mission is to help moms just like you look and feel GREAT! Other interests include dancing, yoga, positive intactivism, natural birth and breastfeeding support, babywearing, paleo & gluten-free cooking, and promoting an overall healthy lifestyle to all.

Disclaimer

The Fashionable Housewife is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for blogs and websites to earn advertising fees by advertising and linking to Amazon.com. We alsoย participateย in various other affiliate programs, and we sometimes get a commission on purchases made through our links. There is no extra cost to you! For more info, please see our Disclosure & Privacy Policy.

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Sarah-Jean Ballard

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Work from home? You need @flexispot_official The Work from home? You need @flexispot_official 

Their standing desk and exercise chair is a GAME CHANGER!! ๐Ÿ™Œ๐Ÿป๐Ÿ™Œ๐Ÿป

Whether you have a laptop or a desktop pc, being able to adjust your desk at the push of a button and stand for a while is absolutely essential to working long hours at a computer. 

This bicycle chair is designed specifically for this desk and a great way to keep your body moving. You could also use an under desk treadmill like @superun_fitness for even more flexibility! ๐Ÿ’ƒ๐Ÿผ

Just because you have to work at a desk all day doesnโ€™t mean you need to be out of shape. ๐Ÿ’ช๐Ÿป๐Ÿ‹๐Ÿผโ€โ™€๏ธ๐Ÿคธ๐Ÿปโ€โ™€๏ธ

Motherhood and working from home is hard. FLEXISPOT makes it easier. 

Check out my blog and search โ€œFLEXISPOTโ€ for more info!!

Comment and tell me how many hours a day you spend sitting! Be honest! ๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป

#motherhood #motherhoodunplugged #workfromhome #athomeworkouts #athomefitness #fitmoms #fitmomsofig
If putting up your Christmas tree brings you joy, If putting up your Christmas tree brings you joy, go for it!! 

Our new @kingofchristmas 7.5' Queen Flockยฎ Artificial Christmas Tree is absolutely amazing! ๐Ÿ™Œ๐Ÿป๐Ÿ™Œ๐Ÿป

The kids couldnโ€™t be happier so I have no regrets putting our tree up before Thanksgiving. ๐Ÿ˜‚๐Ÿ’๐Ÿผโ€โ™€๏ธ

Follow my shop @fashionablewife on the @shop.LTK app to shop this post and get my exclusive app-only content!

#liketkit #LTKSeasonal #LTKHolidaySale #LTKHoliday #kingofchristmas 
@shop.ltk
https://liketk.it/4n9gW
Loving our new 5 bin storage unit for the playroom Loving our new 5 bin storage unit for the playroom from @guidecraft_official !!

The bins hold a surprising amount and I love how solid and sturdy this is. Perfect for organizing toys at kid eye level. Itโ€™s also great for seasonal home decor! ๐Ÿคญ๐Ÿ๐Ÿ‚

Whatโ€™s your favorite piece of furniture in your house?! 

Tell me in the comments! ๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป๐Ÿ‘‡๐Ÿป

#homedecor #momlife #homeorganization #playroomorganization #playroomdecor #homedecorideas #fallhomedecor
An often-overlooked element to planning your perfe An often-overlooked element to planning your perfect hiking outfit is finding the perfectย minimalist backpack! 

You donโ€™t want to be weighed down by an oversized, clunky backpack that boasts all the bells and whistles but delivers nothing more than unnecessary muscle strain. You want a backpack that is minimal on the outside, functional on the inside, and sustainable all around. Waxed canvas is always a top choice for me!

Iโ€™m obsessed with this backpack from @hellodayowls ๐Ÿ˜

It has that perfect boho minimalist look that I love, in the perfect color for fall. This has become my go-to handbag for autumn. 

Perfect for all our outdoor adventures, hiking in the mountains, exploring the woods with my kids, and everything motherhood throws at me! ๐Ÿฅพ ๐Ÿง—๐Ÿผโ€โ™€๏ธ ๐ŸŒฒ 

Learn more about this bag on my blog ๐Ÿซถ๐Ÿป

#backpacking #outdoorfashion #wildandfreemama #mountainmama #motherhoodjourney #minimalfashion
I miss summer already ๐Ÿ˜ญ Take me back to a bett I miss summer already ๐Ÿ˜ญ

Take me back to a better place ๐Ÿ‘‰๐Ÿป summer time at @storylandnh !! ๐Ÿฅณ๐Ÿฅณ๐Ÿฅณ๐Ÿฅณ

Canโ€™t wait to go again next year! ๐Ÿ™Œ๐Ÿปโœจ๐Ÿคธ๐Ÿปโ€โ™€๏ธ

#summertime #familytime #familyadventures #motherhoodunplugged #childhoodunplugged
What they remember about their childhood is in you What they remember about their childhood is in your hands ๐Ÿซถ๐Ÿป

#motherhood #motherhoodrising #motherhoodunplugged #motherhoodthroughinstagram #motherhoodintheraw
This is what our homeschool looks like sometimes. This is what our homeschool looks like sometimes. ๐Ÿฅณ

Canโ€™t believe my oldest son is 13 and outside helping dad do home projects like building a new deck. ๐Ÿคฏ Seems like yesterday he was in his walker on this back deck and it looked a lot better ๐Ÿ˜‚

Thankful that @homedepot has great prices so we could finally afford to do this home reno project! ๐Ÿ’ช๐Ÿป๐ŸŽ‰

#motherhood #motherhoodunplugged #hereisourhomeschool #motherhoodthroughinstagram
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