Shared housing is back! Being dual working parents in need of help with their kids plus older parents who need help from their children, or just a more affordable solution raises the question, “What about two family homes?”. Two family homes, especially those with a large rental apartment with two bedrooms or more are in strong demand. With a good plan, this new trend in home buying can work well for everyone involved.
First, as always, find a knowledgeable realtor to help you through the process. In many cases, this situation involves both families selling their home to buy one together. The first step would be to get a market analysis for both homes, once you have an idea of how much both families will net from their sale, you can start the conversation about how and what to buy. At this point, you should preview some homes to see what kind of living space each family will end up in.
Once you have an idea of what you are looking for, some decisions need to be made before you move forward with selling and buying. Some decisions that you should make are:
Who will pay the new mortgage?
Who will put up the down payment?
Who’s name will the new house go in?
What will other children/siblings involvement be?
Whatever the answers are to those questions be sure to check with other professionals like accountants and estate planning attorneys to learn the pros and cons to all of your decisions. Once you have decided on the structure of your purchase, you can start to look for your new home.
With the right professionals, planning to buy a home with family can be a great solution to many of the problems homeowners face.
Contact Martino Realty if you are looking to purchase a two family home!