Joint mortgages are common. In most cases, people will sign up for these with a romantic partner.

However, an increasing number of buyers purchased homes with friends in late 2019. It is hard to imagine the situation changing drastically since more people are fighting to secure their futures in an uncertain time.

Living with friends seems like a good idea on the surface. It can be a rewarding experience, but only if you undertake the proper series of precautions first. Keep reading for some ideas on making things work.

Choose The Right Friends

Remember that good friends do not always make good roommates. Anticipate the dynamics of your bond changing under the pressures of real estate, for better or worse.

Gain some perspective and refamiliarize yourself with roommate conflicts and how they typically occur. Ask yourself if you will be able to;

  • Reason with your roommate and negotiate any disagreements.
  • Defuse tensions and calm their tempers.
  • Rely on them to pay their share of bills and mortgage payments on time.
  • Set personal boundaries with them.

Live with someone you have known and trusted for a long time. Choose someone you may have lived with before under a rent agreement. Use your close bond as a means of good living.

Take in the scope of your commitment with each other. Realize you will likely be spending more than a few hours together a day. Proceed if that fact does not deter you from getting a mortgage together.

Discuss The Future

Respect the level of responsibility you and your friend will be taking on. Discuss your future plans so that you can both set realistic expectations.

Start a dialogue and clarify how long you see the living situation lasting. Respect that nothing is set in stone at this stage, as you or your friend could meet a romantic partner and wish to move on within the next few years. Provide a rough timeframe anyway to mitigate any bad surprises when things change.

Browse joint mortgages together and decide what provider appeals to you both. The Home Loan Expert is a mortgage lender that can give you a five-minute approval, and they can also come to you and go over your options with you. Do not worry about syncing your schedules with your friend, as these services are available for consultation 7 days a week, starting at 7 am. Work with this agreeable service and instil unity in your plans.

Avoid Secrets

Value transparency in your friendship. Be upfront with the truth and ensure your friends do the same.

Understand how much easier things can be when all parties cooperate. Explain to your friends that you can each:

  • Qualify for a better mortgage deal by pooling resources.
  • Split mortgage payments and save money.
  • Build equity together, securing your financial future as a team.

Constantly communicate with your friends. Establish trust. Comprehend how not disclosing hardship can jeopardize not only your future but the future of the friends who invested in the property along with you. Respect that they are dependent on your mortgage contributions and that you should notify them should your situation change.


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