Advice for Co Buying a House: https://www.hauseit.com/co-buying-a-house/ <br /> <br />Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/ <br /> <br />Let’s face it, millennials these days are much less likely than their parent’s generation to be able to afford to buy a home by themselves. In fact, less than 50% of millennials earn more money than their parents by age 30 on an inflation adjusted basis. <br /> <br />Here’s some advice for co buying a house or apartment you can use, and what to know before signing up to be a co-borrower on a mortgage. <br /> <br />Co Purchasing an Apartment with Parents <br /> <br />Co-purchasing an apartment with parents is a fairly common phenomenon for first time home buyers these days, especially in expensive cities like NYC. <br /> <br />Gifting the down payment – Will parents be gifting the entire down payment to the child? Or will the child be responsible for putting up part of the down payment? Gift letters will be necessary. <br /> <br />Covering closing costs – These expenses are not insignificant, for example NYC closing costs for buyers can range from 1.5% to 6% depending on whether the buyer is financing, buying new construction, and buying a co-op vs condo. <br /> <br />Will both parties be owners? – Will the parents want to be co-owners of the property, or will it be a straight gift and the child will be the sole owner? Unless otherwise specified, ownership is automatically assumed to be split equally between everyone listed on the deed (condos and houses) or stock and lease (co-ops). <br /> <br />Joint Responsibility for the Mortgage – Who will be responsible for paying the mortgage every month? Unless an exception is made, every owner will be a co-borrower on the mortgage. <br /> <br />Who takes care of common charges or maintenance? – Who will be responsible for covering the ongoing carrying costs of the apartment, such as condo common charges or co-op maintenance fees? <br /> <br />Joint Ownership of House with Parents <br /> <br />Who will live in the property? – If the child will be solely occupying the apartment, will he or she owe any sort of rent or non-monetary compensation to the parent? <br /> <br />Will parents have leverage over you? – Will your parents have leverage over you in arguments and disagreements because they own part of your home? <br /> <br />Who will be responsible for upkeep? – Owning a house can involve significant costs in maintenance and repair. Who will be responsible for paying for these? <br /> <br />Who will be on the board? – This is extremely important and can take quite a bit of time and work, especially if you live in a smaller building with fewer people who will volunteer. <br /> <br />Interested in learning how you can save $20,000 or more on your closing costs? Check us out at www.hauseit.com and sign up for a Hauseit Buyer Closing Credit today! <br /> <br />Reduce Your Buyer Closing Costs in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/ <br /> <br />#hauseit #hauseitnyc <br />https://www.hauseit.com
