Pros and Cons of Buying a Home With a Parent or Sibling

If you can’t afford to buy a house on your own, you might be thinking about pooling your resources with a parent or sibling and buying a house together. That can save you both money.

You’ll also be able to share the burden of cooking, maintenance, and childcare.

Living together can give family members a chance to develop strong bonds.

You and your relative might not be able to divide the financial burden equally. Have a real estate attorney draft an agreement that specifies how much each party will contribute and how ownership of the property will be divided.

Signing a contract with a family member might seem unnecessary, but relationships can change, and conflicts can arise. Having a written agreement can help you handle a difficult situation.

Consider what will happen if your circumstances change. For example, what if one of you loses your job or gets married?