Flushing Homes for Sale: Buying With a Buddy

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    • As inflation looms and housing prices rise, buyers are getting creative on their homeownership quests. Many want to experience the benefits of owning a home but lack the funds to get started. What are they doing to afford Flushing homes for sale?

    With a focus on their budding careers and no immediate plans to marry or have children, some first-time homebuyers are partnering up with trustworthy pals to purchase a home. Doing this is one way that all involved parties can pay down debt and save for the future while getting their feet wet in the real estate market.

    Only you can decide if you would be comfortable with this nontraditional arrangement to purchase Flushing homes for sale. Before you buy with a buddy, here are some things you need to consider:

    • Have a plan in place to address life.Life happens. What if your co-buyer loses their job? What if you lose yours? What if one of you wants to get married or needs to relocate? Discuss these scenarios before you commit. Understand that if one of you experiences financial hardship or decides to move on, the other will be on the hook for the mortgage.
    • Only co-purchase a home with a friend if you are comfortable discussing money with them.There's no way around it: If you co-buy, you'll need to talk finances with your friend. This often-uncomfortable topic might come up monthly or more. If this sounds dreadful, consider pursuing Flushing homes for sale with someone else or finding another way to reach your real estate goals.
    • Understand the differences between joint tenancy and tenancy-in-common.If a co-owner dies in a joint tenancy arrangement, their ownership share passes to the other co-owner. If a co-owner dies in a tenancy-in-common situation, it passes to their heirs. There are more differences, so enlist a lawyer to help you hash it out.

    Contact Us Today!

    If you are looking at Flushing homes for sale with a friend, contact us today! We'll show you available listings and connect you with a mortgage broker that will help you reach your goals.

    Contact us at (718) 997-6000 or email us here for more information.

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