Co-buying a home can be very rewarding. The least it does is allowing you to have your own home. Millions of people don’t have the down payment to buy a house. They may not be able to afford the mortgage. They may not even qualify for a home loan. Such problems can be overcome with the option of co-buying.

Co-buying a home is where more than one person puts together the down payment, equally or unequally, and applies for a mortgage together. They pay their shares of the mortgage and own equal or unequal portions of the home. The ongoing maintenance costs, property taxes, water taxes, utility bills and cost of repairs and upgrades are all shared by the co-owners.

Co-buying allows people to buy homes if they cannot buy on their own. With the same budgets or down payments and affordability, people can buy better and larger homes at a more desirable location. Spending less on down payment and on mortgage respectively, the co-owners can save more money and can eventually buy their own homes.

Friends, siblings, cousins and even coworkers can come together and co-buy a home. But there are certain grey areas that must be clarified at the outset.

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