Buying a home with friends or family: A Smart Move or a Risky Gamble?

Key Highlights:

• Introduction
  • High cost of homeownership in the Greater Toronto, Ontario area.
  • Exploring the option of buying a home with a friend or family member.
     
• Understanding Ownership Types
  • Explanation of joint tenancy and tenancy in common.
  • Highlighting the differences and implications of each.
     
• Risks of Joint Home Ownership
  • Potential conflicts over property management, finances, responsibilities and decision-making
  • Financial risks if one owner can't contribute.
  • Importance of clear exit strategies.
     
• Considerations Before Committing
  • Emphasizing the need for long-term goal assessment.
  • Advising listeners to consult with professionals (realtors, accountants, mortgage brokers and lawyers) for information and the creation of solid agreements.
     
• Empowering Listeners
  • Encouraging listeners to weigh advantages and risks.
  • Empowering them to make informed decisions about joint home ownership options.
     
• Closing Message
  • Knowledge is power; make choices that suit your circumstances.
  • Don’t forget to like and subscribe to the podcast Realty Bytes: Conversations on Real Estate and Lifestyle for more valuable insights.

For more information you can check out or BLOG at https://www.realtybytes.ca/blog

Contact information:
Corina Murphy | Mortgage Broker | Premiere Mortgages 
Phone: 416-884-1428 
Email: [email protected]

Evelyn Lopes | The Evelyn Lopes Realty Team | iPro Realty Brokerage
905-965-5902
[email protected]