Buying A Home With Friends - What To Watch Out For

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Buying A Home With Friends – What To Watch Out For

Don’t have money to buy Vancouver real estate on your home?

Is it possible to buy homes with others?

Is it beneficial to enter into real estate joint ventures?

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Are you finding the Vancouver real estate market too expensive? You’ve probably heard of others getting into the market by partnering up with others, haven’t you? Is it risky? What’s involved? How does it work?

The first thing when considering that option is that everything MUST BE IN WRITING! I can’t stress it enough. When I say writing, I don’t mean an email. I mean, using a real estate lawyer that knows how to draft up real estate joint venture agreements.

But it’s my family, surely I can trust them?

Get It In Writing

Regardless of the other part(ies) are, the contract is there for when things go sideways. Everyone’s smiling when there’s agreement, but when there’s a disagreement, in order to be fair and just, the contract is what’s guaranteed and promised. No need to say “he said that” or “she said this” or rely on someone’s memory. Having a proper Joint Venture agreement in place also prevents disagreements when 1 of the parties wants out of the deal.

Choose Trustworthy Competent Partners

The second thing is choose partners who have done it before. You also want to choose partners who know what they are doing. They don’t have to have done it before but if they know how it works, enlist the help of professional real estate lawyers, then you can make sure your risks are significantly mitigated.

Benefits

There are a lot of benefits to buying homes together. I’ve seen families who buy homes together and live there and they are able to significantly save on their expenses that way. They can buy bulk groceries, pay only 1 utility bill, 1 property tax, etc… For families with children, they can share in babysitting, etc…

If you want more information on how to prepare, feel free to email or call me.

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