When like minded individuals pool their resources together towards buying a Flushing home, the joys and responsibilities of home ownership are shared.
In theory it is very easy to split a property into 50/50 ownership to make home ownership a reality.
However, before splitting such a large purchase as a house in Flushing, there are many questions that each of you must honestly answer before you should move forward with the cobuyer option. Looking at this as a 50/50 business helps to alleviate many of the problems that cobuyers encounter after entering into co-ownership of a house together.
- What is the likely scenario when one of you wants to sell the Flushing Queens home?
- What happens when one of you dies?
- What are the house rules that each of you can agree to?
- How are you sharing the expenses and credits? Mortgage, taxes, utilities, and tax write offs?
- What happens when one person cannot make the mortgage payments?
Start discussion early with your cobuyer to see if it makes sense because you could end up losing a family member, friend or business partner if the agreements are not structured fairly and accordingly to unforeseeable future changes in circumstance.
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