Tired of renting but struggling to afford a home on your own? Co-ownership with a friend or relative could be the creative solution you’ve been looking for!

Sharing the down payment and monthly costs can make homeownership far more accessible, but it’s a partnership you don’t want to enter lightly. Here’s what you need to know before signing on the dotted line:

✅ The Pros

Co-ownership lets you combine financial forces so that you can buy sooner, build equity and escape the rental cycle.

By splitting costs like utilities, maintenance and mortgage payments, the monthly payments associated with homeownership become much more affordable.

❌ The Cons

Of course, sharing a home comes with trade-offs. You’ll give up some privacy, and your friendship may face unexpected challenges.

Living with someone is different from vacationing with them. You’ll need to be honest about habits, boundaries and expectations.

Be Realistic About Compatibility

Before you venture out and start looking at properties, ask yourself:

• Are your lifestyles compatible? (clean vs. messy, introvert vs. party-animal)
  
  
• Can you communicate openly and honestly about uncomfortable topics?
  
  
• How will you divide up responsibilities and shared spaces?

Get Pre-Approved

Once you’re confident you’re a good match, book a meeting with a mortgage broker.

Getting pre-approved will clarify your budget and protect you against interest rate hikes while you’re out house hunting.

Write Out a Plan

As much as you’d like to keep things friendly and casual, you should never rely on verbal agreements. Put everything in writing, including:

• What are the ownership percentages?
  
  
• Is subletting allowed if one of you moves out?
  
  
• What happens if one person wants to sell?

Clear expectations now can help prevent conflict later. Think of it as a business arrangement that’s designed to protect both your investment and your friendship.

A Strong Plan = A Strong Partnership

With open communication, clear boundaries and a solid agreement, co-owning a home can be a smart path to financial security, and it may even strengthen your relationship.

Just be sure to plan ahead, stay honest and treat the process with the same seriousness as you would any other major investment.

Thinking About Buying With a Friend?

It’s important to have a professional on your side to help you navigate the real estate maze and avoid common pitfalls.

If you’re exploring the idea of co-ownership, just reach out so that we can discuss your next move!