How to buy a half a million dollar house without going bankrupt!
Friends of mine are about to do it (and no, they don't drive a Mercedes).
The trick: they are buying the house with another family (the friend's sister's). The pros? Instead of getting a puny new house, they will get a brand new 3500+ square feet one with a huge kitchen and garage and tons of bedrooms, etc. They will also be in a much nicer neighborhood than they could have otherwise afforded. The cons? Well, you have to be ready to live 365 days a year with another family! Even if you get along perfectly before, it might strain the relationships somehow, especially with kids around!
So it's a great financial idea but a question mark for quality of life. What do you think? Do you know anybody who's done that successfully?
4 comments:
I know a couple who did this.
It worked pretty well (got everyone into the market) and when they sold (3 years later) they had some equity to go off on their own.
Personally, I'd say just keep renting...
How's the baby?
Mike
I'd just keep renting too I think :-)
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the baby's great ..already started smiling :-))) thanks for asking :-)
I've always been tempted to buy a bigger house, and then rent out the extra rooms to friends to pay down the mortgage. The problem has always been finding friends with the financial / job security to do it, and my willingness to live with those who were able to do it.
Splitting home ownership with another family sounds fine in theory but what happens when you have differing opinions on renovations, repairs, etc.
Like they say on Dragon's Den, I want 51%.
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