First time home-buyer questions

sallyawp
Sat, 04 Feb 2012 19:13:53 +0000

I don’t recommend buying the place with the friend. The primary reason is that if there comes a time when one wants to move out or wants the other to move out, which is likely to happen when one or the other meets the right significant other, valuation of the place is tough. If both want to sell, the market will determine the price and the roommates/co-owners will split the proceeds from the sale. However, where one simply wants to move on, it is tough to determine what his stake is worth, and it may be difficult, if not impossible, for the other to pay what may be a significant chunk of money. I would suggest renting.