Buying Property With a Friend
Did you know there’s a program to help singles get into a home easier by buying with someone else?
Young buyers are also significantly more likely to consider purchasing a home with a family member (24 per cent versus 13 per cent for the general population) or with a friend (24 per cent versus nine per cent of the general population). “For many millennials, home ownership is a natural part of their journey and we’re seeing the next generation eager to get into the market, even if that means exploring alternate options like buying with family or a friend,” says Erica Nielsen, vice-president, Home Equity Finance, RBC. source: RBC Report April 12 2016
Kathy Schmidt was interviewed recently about our Purchasing Partner Program by Kimberly Greene of WhichMortgage. Check it out and please share this if you know someone who might benefit from this innovative program! Download your FREE copy of the Purchasing Partner Program in 7 Easy Steps! It might help you become a homeowner sooner than you think!
Buying a home: You don’t have to go it alone
By Kimberly Greene | this page was last updated on the 30 Sep 2016:
Sharing a living space with another person is a fact of life for many people. Siblings often share bedrooms, college students often share dorm rooms, and roommates will often share apartments to keep costs down, especially as they’re just starting their respective careers. Some prospective homeowners, however, aren’t stopping there. With wages fairly stagnant across the country, people are exploring alternative ways to buy a home. One of these alternatives is to buy a home with someone who isn’t a partner or a spouse.
The benefits are obvious. The more people who are in on the home purchase, the greater the purchasing power, and that can get you a bigger home, a home in a more desirable location, or both. It’s not a new idea — in fact, the convention of living solely with a nuclear family is only a few generations old — although circumstances such as low home inventory or high prices in parts of Canada that had previously been well within reach of a single person or couple have made the idea more acceptable to people who may have not considered it before.
Young buyers are also significantly more likely to consider purchasing a home with a family member (24 per cent versus 13 per cent for the general population) or with a friend (24 per cent versus nine per cent of the general population), according to a 2016 RBC Home Ownership Poll. The number of single female home buyers are on the rise, and co-buying can be a good situation for two single people who want to invest in a home and don’t have any partners or other debt people in this situation, female or male. In terms of living together, it’s essentially the same as it would be if the two people were roommates. Lenders don’t view the co-applicants any differently as they would a married couple.
Kathy Schmidt is the broker and owner of Schmidt Realty Group in Edmonton, AB, who started a Purchasing Partner Program because it made her “crazy” that people would save their money but in times of escalating home prices, they couldn’t keep up with the market.
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