Today it is becoming quite
common for friends to pool their resources to buy a larger home than either of
them could afford alone. Some builders cater specifically to this group of
buyers by offering homes with two "master suites" instead of the more
typical room arrangement. If you are considering a joint purchase, you and your
buying partner should outline clearly your agreements about your shares in the
down payment, the monthly mortgage payments, and what you will do if one of you
decides to move out.
Before committing to a property, sit down with a
real estate professional to discuss your options. Should you take possession as
joint tenants? Will you have a 50/50 interest in the property, or should the
interest be adjusted to reflect each person's share of the down payment or the
monthly mortgage payment? Your agreements with your buying partner should be
clearly expressed in writing.