For some, one of the biggest milestones in life is buying a house. Unfortunately, saving up for one can take a long time, which nudges people to consider cooperatively purchasing a home with someone before gettingwas careful around her boyfriend, who eagerly wanted to buy a house. So when he asked her to cover his part of the rent and utilities to save even more money for it, she was quite doubtful about it, asking if she would have a share in the property.
If living in an apartment has worked out for the couple, it might seem logical to take the next step and proceed with home ownership when the lease is up. This also allows them to save on rent, which can be more expensive than a mortgage payment. encourages them to consider whether partnering in the ownership of real property is a good idea or not.
“If there is a total breakdown in the relationship and it is no longer desired that property be jointly owned, decide in advance how that is resolved,” he additionally mentions. “You should have an agreement outlining a buyout by one party and how that price is determined. When a buyout cannot be reached, who manages the sale of the property, and how are disagreements resolved when selling?”