Being able to live together in harmony is a big factor in the success of buying a home with your best friend. Renting together can provide the perfect dry run before you’re locked into a mortgage together. No matter how well you know each other, you’ll know each other differently once you live together. Is one of you neater? Does one of you come up short when it’s time to pay the bills? The only way to know if you and your housemate will sink or swim is to dive in.

There are no financial secrets in homeownership. If you co-own a home, you co-own the mortgage. Both of your finances will be considered when applying for a mortgage, so if you’re hiding a terrible credit score, for example, it won’t stay hidden for long. Before approaching a lender, share everything about each other’s finances, including your monthly income and how you spend it. In order to protect yourself, it’s important to know for sure that your best friend can afford to make their half of the house payment each month.

A home comes with a whole host of tasks and liabilities that you will be on the hook for together. Not only will you need to discuss how a plumbing bill will be handled for the toilet only one of you uses, but you’ll also need to determine who will clean the gutters. After all, if you end up with water damage or foundation issues because of clogged gutters, both of you will take the financial hit.

Once you are on the same page about your finances and responsibilities, it’s time to consult with a lawyer. That can feel awkward, but think about it: Being married is a legal contract, too. You want to make sure you and your best friend are protected in the same way any married couple is when they buy a home together. In your legal agreement, include your plans to divide up finances and responsibilities, how you’ll share any tax benefits or profits from a sale, and how you’ll accommodate changes, including if one of you loses your job — or gets a job offer across the country and wants to move out.

Perhaps your goal is to live with your best friend until the end of time. But more likely, if you’re young, you’ll eventually move on to the next phase in life, either on your own or with a partner. Or, a romantic partner might come along and want to become a third owner of your home. No matter what, if you’re not saying “till death do us part” with your home’s co-owner, you need a mutual understanding of each other’s long-term goals. If you plan to own a home together for five years and then sell, you’ll need to commit to those five years, no matter what else happens in life — and expect your best friend to do the same.

Ready to buy a home with your best friend? Shopping for a home together will be the same as it is for everyone else — exciting. Sit down together and discuss your wants and must-haves, and start house hunting. Who better to go on a homeownership adventure with than your best friend?

About Empire Appraisal Group, Inc.

Establish in 2005, Empire Appraisal Group, Inc., is Broward County’s leading residential appraisal company as a result of their accurate and reliable appraisals, excellent customer service, and quick turn times.  When working with an appraiser, integrity and professionalism are essential, and Empire Appraisal Group has a well-established reputation for providing the best appraisal experience.  Daniel Lindeman, the Chief Appraiser, is considered one of the top property appraisers in Florida, with nearly 15 years of expertise and 7,000+ appraisals to his credit.

We ‘specialize’ in helping people who need appraisals for estate purposes, divorce, bankruptcy, FSBO’s and more.

We also work closely with realtors to help establish listing prices, these pre-listing appraisals ensures sellers get top dollar for their home.

In addition, to homes of all shapes and sizes, we also appraise condos, multifamily homes, boat docks, land, as well as specialty properties. No job is too big or too small, from manufactured homes to mansions.

Call Empire Appraisal Group directly with any questions concerning your real estate values at 561-441-9298.  Also, check out our ‘Reviews’ page and see what others are saying about Daniel Lindeman and Empire Appraisal Group, Inc.

We provide residential appraisal services to all cities in Broward County:  Parkland, Coral Springs, Coconut Creek, Dania Beach, Cooper City, Davie, Deerfield Beach, Fort Lauderdale, Sunrise, Hallandale Beach, Hillsboro Beach, Hollywood, Lauderdale by the Sea, Lauderdale Lakes, Lauderhill, Lighthouse Point, Margate, Miramar, North Lauderdale, Oakland Park, Pembroke Pines, Plantation, Pompano Beach, Sea Ranch Lakes, Tamarac, Weston, Wilton Manors.