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Inside Track

Buying a Home with Friends

by Debbie Drummond for Las Vegas Luxury Home Pro

With the sharing economy changing the way people think about buying everything from cars to hotel rooms, it was only a matter of time before real estate made the list.

With many buyers priced out of their preferred neighborhoods when it comes to homeownership, some are choosing to pool resources with friends to purchase a house together. This challenges the common notion that you buy a house to escape from your roommates. On the contrary, buying a house is a long-term investment that may bind you to your co-buyers for years to come. 

Is it right for you? That's a big question. To help you answer it, keep the following points in mind as you think through the complexities of this scenario.

A Matter of Trust

It's obvious that if you're planning to share a home with someone, you should like them — a lot. You'll need to be comfortable discussing shared responsibilities and the amount of personal space and home upkeep that everyone is responsible for. You'll need to share similar tastes as far as home decor is concerned in most cases, as well.

In addition to being compatible, you'll also need to trust that your co-buyer is dedicated to sharing the home for the long haul. Is this someone who may decide to move across the country for work? You might agree on these things now, but you'll also need to trust your friend to uphold the bargain for many years to come.

An important aspect of buying with friends is that all parties must be...

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