By Free Republic | Created at 2024-09-24 11:37:25 | Updated at 2024-09-30 17:28:19
6 days ago
They Bought Homes With Their Friends—and Now They Want Out
WSJ via MSN ^ | Sep 23, 2024 | Dalvin Brown
Posted on 09/24/2024 4:25:40 AM PDT by where's_the_Outrage?
Buying a home with friends sounds like a dream. Until you try to get out.
Celeste King invested $100,000 to buy and renovate a lake house with two friends near Austin, Texas, in 2021. She envisioned weekend getaways, work retreats and lazy days at the pool—at a fraction of the cost of solo ownership......
The number of co-buyers with different last names hit a record in data going back a decade in 2021. It fell 29.5% over the following two years, according to real-estate analytics firm Attom Data Solutions. The percentage of co-buyers who reported purchasing with friends was 7% this year, compared with 14% during the same period in 2023, according to Zillow.
The appeal of buying with friends stands to recede further with the Federal Reserve cutting interest rates, real-estate analysts said. Lower mortgage rates could make traditional homeownership more affordable to first-time home buyers.
Depending on when the home was co-purchased, falling rates could open up the option to refinance or move to a new home with better terms.
When co-ownerships end, it is usually not because of conflict, according to real-estate lawyers.
“The vast majority of people who want out are leaving just because they want to move, or they are getting married, or their job is in a different city,” said Andy Sirkin, a real-estate lawyer specializing in co-ownership agreements.
But close quarters can spark difficulties.
(Excerpt) Read more at msn.com ...
TOPICS: Business/Economy; Chit/Chat; Society
KEYWORDS: homebuying; housing; partnership
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Buying with family is bad enough, but with "friends".
Unless it's being done as a legal partnership it looks to me like a disaster waiting to happen.
To: where's_the_Outrage?
“Can’t we all just get along.”
2 posted on 09/24/2024 4:27:56 AM PDT by unclebankster (Globalism is the last refuge of a scoundrel.)
To: where's_the_Outrage?
Timeshare with soon-to-be ex-friends.
3 posted on 09/24/2024 4:37:12 AM PDT by Libloather (Why do climate change hoax deniers live in mansions on the beach?)
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