Buying a house with friend?
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burg
Apprentice
Joined: 01 Feb 2007
Posts: 3
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 Posted: 12/18/07 - 09:32 Post subject: |
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| Hello! I recently got out of the college and now I want to move out from my parent’s house. My friend, who is my best friend by the way, is in the same position as I am. We were talking that we could buy a house together. Do you think this would be smart thing to do? Can you tell me some of the advantages and disadvantages? Because we don't have enough money we are considering taking a mortgage. Are there any package offers for this kind of a mortgage? |
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jeana
Apprentice
Joined: 15 Nov 2006
Posts: 4
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| Posted: 01/17/08 - 03:40 Post subject: |
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| With prices of the houses nowadays, buying with the friend is very common thing. People are clubbing their funds to buy a better house. But, the most important thing is that you must be sure that you could live with your friend. There are some differences between living with a roommate in an apartment and living with him in a house. The biggest difference is that both you and your friend will be committed to make mortgage payments every month. It could be a very big problem if one of you decides to leave. One of the advantages from splitting the mortgage is definitely the possibility to deduct some mortgage interest on your tax bill. The only interest of your lenders will be that the two of you can make monthly payments. They will not care how you and your partner will decide to split or share things. If one partner decides to leave the lenders will go after the other name on the contract. |
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