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Pros And Cons Of Buying A House With A Friend

June 5, 2023

Is teaming up with a friend to buy a house a good idea? Here are the pros and cons, plus some tips to make it work.
 

Pros:

  • Your combined income and credit scores could make getting a loan easier
  • You can split monthly expenses
  • You’ll build equity together
  • You’ll be able to afford more house

Cons:

  • If your friend’s credit or savings aren’t in good shape, it’ll affect your loan, too.
  • Moving out can be complicated
  • Your credit score could get dinged
  • Your ability to get another loan could be compromised

Tips:

Rent Together First

Even if you’re not going to be sharing living space or negotiating cleaning schedules, there’s still a lot you can learn about your friends once you move in together.
 
It pays to be transparent — about finances and everything else.
 
The people who survive and thrive in the buying-with-friends partnerships were able to do so because no unpleasant surprises were lurking around any corners.
 

Discussing Both ‘Wants’ and ‘Needs’ Can Save Lots of Time

You may discover that things you both need are fundamentally incompatible, and that’s sad, but it’s better than figuring it out after you’re paying a mortgage together.
 

Decide in Advance How to Handle Mortgage Interest Deductions

But before you go claiming your MID, have a discussion with your housemate about how to split the deduction. (You didn’t really think the government would let both of you claim all of it, did you?)
 

Outline Household and Financial Responsibilities Before You Start Shopping

Document, in writing, what the house rules, household responsibilities, and financial responsibilities will be while you live together.
 

Involving a Lawyer Can Be a Really Good Idea

Talk to a lawyer, preferably one who’s helped more than one set of unrelated people buy a house together. Ask them what scenarios could unfold and how to protect yourself against them.
 

Talk About Where Your Career Could Take You

Do some pondering before you commit to buying a house — whether with friends or solo. If you want to avoid capital gains taxes when you sell your home, then you’ll need to live there for at least two years.
 

You May Want to Consider Securing Life Insurance for Each Other

Accidents happen, and sometimes those accidents lead to disability or death. Do you and your co-homeowners know what you’d do if one of you were to suddenly die?
 

Creating an Exit Strategy Can Save You a Monster Headache

Before you go shopping and sign the closing papers together, make sure you know what your exit strategy will be and how you want it to unfold in an ideal world.

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By providing your contact information to Woodland Real Estate, your personal information will be processed in accordance with Woodland Real Estate's Privacy Policy. By checking the box(es) below, you expressly consent to receive marketing or promotional real estate communication from Woodland Real Estate in the manner selected by you. For SMS text messages, message frequency varies. Message and data rates may apply. Consent is not a condition of purchase of any goods or services. You may opt out of receiving further communications from Woodland Real Estate at any time. To opt out of receiving SMS text messages, reply STOP to unsubscribe. SMS text messaging is subject to our Terms of Use.
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