For the most part, you will purchase a home with a signifiant other. However, that is not always the case and it absolutely does not have to be the only way to purchase a home with someone. You can purchase a home with a friend, a family member, or someone you are in business with. When you purchase a home with someone else, both of you will be equally responsible to make payments. On the upside, you will both be eligible for gains. Co-ownership is fairly popular in today’s society.
Going through this process is no different than a married couple (or single person) would have to go through the process. Keep in mind that it also gives rights to both people…a fifty, fifty split in decision making, responsibilities, etc.
One of the reasons people choose to do this is because your mortgage rate may be decreased and your budget to purchase a home is increased. Basically, both incomes are combined to see how much you can afford to borrow. Both debts are also combined as well.
Owning a home with someone else takes a lot of stress off of someone. Not only do you have someone to share the mortgage cost with, but you also have someone to share any maintenance, repair, or improvement costs with. It takes a lot of pressure off of you.
While there is plenty of positives to owning a home with someone, there are negatives or precautions to think about as well. For example, if your partner gets in a tough financial spot and they are unable to pay their portion of the mortgage or repairs that are needed, you will be responsible for their portion. Sometimes it gets fishy when it comes to agreeing to maintenance work and repairs.
There is a lot to think about when it comes to making a decision on if and with who you should purchase a home with. We would highly recommend you come up with pro/con list before making your final decision.