If economists’ predictions are correct, we’re going to notice higher price tags on Rego Park homes for sale over the next several months. For first-time homebuyers, this is not good news.
Many first-time homebuyers are millennials, bogged down by student loan debt and other new financial responsibilities. How can young buyers afford to break into the real estate market?
Some people are looking to their friends for help, going beyond the typical roommate situations. They are co-buying Rego Park homes for sale with their buddies!
Does this arrangement work? For many people, it does! Before you start calling your friends with your great idea for building equity together, consider these three crucial points:
- Plan for the unexpected. What will you do if your roommate becomes severely injured and can’t work? What if you decide to get married and move out? Before you buy, sit down with your potential co-owner and go over all the scenarios you might encounter during your years together. Hire a lawyer to help you plan for the stickiest situations.
- Don’t purchase a home with a friend unless you are comfortable discussing finances with them. Co-buying a home is a lot different than pitching in for a pizza. If you decide to purchase Rego Park homes for sale with a friend, you’ll need to talk about money a lot. If this makes you uncomfortable, it’s time to rethink your co-buying decision.
- As co-owners, your finances will have a close relationship also. What if your friend misses a couple of mortgage payments and you can’t make up the difference? That will reflect in your credit score. In addition, even though you are only paying for half of the mortgage, you are technically responsible for the whole thing. You’ll probably have a high DTI, making it tough to get loans for other things.
Contact Us Today!
If you are interested in Rego Park homes for sale, contact us today! We’ll show you what’s available and connect you with a mortgage broker who can help you reach your goals.
Call us today at (718)997-6000 or email us here for more information.