When most of us think of buying a home, we think of doing it alone or with a spouse. From purchase to ownership to sale, this traditional approach feels familiar and supported. However, as is often the case, unconventional thinking does have its advantages. We’ve chosen our seven favorite benefits of buying a home together with family, friends, or partners. (And there are a lot more where these came from!)
First up, the financial benefits of buying a home together:
The Ability to Build Wealth—Sooner
When you own a home, paying the mortgage is like putting money in your savings account—not your landlord’s. Co-buying can create a path to ownership long before you could go it alone.
Life as a renter can be uncertain. When you own, your monthly payment won’t increase and your landlord won’t sell your home or refuse to renew your lease. Pay your mortgage and you’re guaranteed to keep your home.
Increased Buying Power
Want a house in your dream neighborhood? Something that will bring in profit as a rental property? Buying together opens up a whole new slate of options.
A Good Exit Plan
When people buy a home alone, they often don’t think about their exit strategy. When you buy together, it’s a necessary part of any co-ownership agreement. Being clear about what you want from the purchase and sale of your home means you’re much more likely to get it.
Now, let’s look beyond the financial perks:
From sharing a kitchen to splitting the cost of solar panels, buying with others makes lowering your environmental impact cheaper and easier.
Co-buying requires communication, empathy, and self-awareness. Practicing these skills creates a greater sense of community, which leads to healthier, happier lives. It may not always be easy, but trust us: the juice is worth the squeeze!
A New Definition of Family
The concept of family is not one-size-fits-all. Many are reshaping the traditional definition and creating a more inclusive and inspiring world for all of us.
This is just the tip of the iceberg when it comes to the financial and lifestyle gains co-buying can provide. And that’s why we’re so passionate about what we do! At the core of our mission is a belief that everyone should have access to these benefits. Whether by using our Pairadime Product Suite or getting connected with an experienced realtor, we’re here to make buying a home together easier.