Co-buying isn't a short-term hack – it's a lifestyle shift. Before you team up, experts recommend having vulnerable conversations about your finances and long-term goals.
Seven years ago, Phil Levin and his girlfriend, Kristen Berman, pondered a common question: Should we move in together?
It took some effort to find the right property and figure out finances. But the now-married couple couldn't imagine designing their life — or raising their daughter — any other way. "It can be a great situation, and a way to enter the market that they wouldn't be able to enter otherwise," says Don Koonce, a real estate agent in Seattle who has helped dozens of co-buyers during his eight years in real estate.
"It was beautiful," he says."I don't see any problem with a resale on that, because somebody could rent it out." Agnew always recommends that co-buyers seek legal counsel. An estate attorney can draft a cohabitation agreement — something that's not just for romantic partners, she notes. That way, all parties know what to expect if someone wants out of the homeownership commitment.An estate attorney can also help co-buyers understand options for titling the home, such as joint tenancy or tenancy in common. Each arrangement has pros, cons and legal obligations.
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