Thinking of buying a house with your kids?
November 27 2018
It’s very common for parents to co-buy a property with their children. Some do it to help their college-aged children save money while in school, while others aim to help them get on their feet and eventually buy a home on their own. It can also allow for more time with the grandkids or even helping hands around the house.
Whatever the reason, deciding to co-buy a home is a big decision, and it’s not one to be made lightly. If you’re thinking of co-borrowing with your child, make sure to consider these pros and cons first.
- Building Credit - This could help minimize the amount of debt borrowed for student housing, which can help them buy a home in the future.
- Gaining Equity - Co-buying can help you build equity, which generally leads to more profit in the long run.
- Buying Potential - With two incomes and two savings accounts, you may be able to afford a larger property or one with more upgrades.
- Making Memories - If you’re cohabitating as well as co-buying, it can mean more quality time with your family.
- Creating Privacy - If you’re planning to live together, try to find a home with a layout that offers individual privacy with separate entrances or bedrooms on different levels.
- Planning Ahead - When co-buying, it can help to create a contingency plan in case one person wants to sell before the other is ready.
- Sharing Household Responsibilities - How will household duties be divided? How will the maintenance costs be shared?
If you’re considering co-buying a home with your child, contact us today. We’ll help you make the right decision for you and your family.