What are your opinions on someone purchasing property with someone they are not married to? After many years of thinking I never wanted to own a home, I am re-evaluating my stance and looking to start saving this year. In passing I mentioned this to a friend recently, and said I could buy her place. Her parents own it as a rental property, and rent it to her while she's in school. She got really excited at the idea of us buying it together in 2/3 years (when she's done with her schooling and I've saved up some money.) We live in a very expensive area, and her place is in an amazing location. I don't think either of us would be able to afford something like it without a buddy. Is it a good idea?
Some would tell you it's always a terrible idea to go in on large purchases with friends. BUT WE ARE NOT THEY. We acknowledge that we live in a very different world from that of 10 or even 20 years ago. And we fully support the normalization of combining resources outside of legal family units.
Some day I would love to go in on a house with a bunch of friends! Pooling our resources would make everything so much easier to afford! So yes, I support your plan with your friend. Here's our guide for how to move forward:
A Guide to Sharing Finances with Someone Other Than a Romantic Partner
My only advice is to make sure you two have an ironclad contract with each other. Put everything in writing. Do not rely on your friendship to arbitrate eventual conflicts that come up with the property. Because that way could lose you the house... and the friendship.
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