| With today’s prices, buying an apartment for sale is out of reach for many people. After all of the other bills that need to be paid, little is left over to pay for the mortgage. However, nothing compares to residential ownership, even in an over-priced market. One solution does exist though – buying an apartment for sale with a friend. Why a friend?
Sharing the monthly mortgage with a friend can mean that you can actually purchase a property on your salary and not worry about breaking the bank. Obviously this solution has some limitations – it wouldn’t be ideal if you were married or had a family. It’s more suited for the single person, especially someone who has recently graduated college and has begun their career, and is perhaps looking for an investment opportunity.
Which friend?
Choosing which friend to share an apartment for sale with is an extremely important decision. It can mean the difference between an excellent living arrangement and a potential nightmare. Clearly you should choose a financial partner that you click with; otherwise, you’ll end up fighting over the smallest things. Remember, however, that living with someone is quite different than going out to see a movie. Before making the final decision, it would be wise to interview a few different friends to see which person would be the best match. Here are some questions that you can ask:
· Do you usually invite over a lot of people to your place?
· How do you feel about late night parties, especially during the weekdays?
· Would you be willing to split the housekeeping duties?
· How long do you expect to stay in the apartment?
· Where do you see yourself in five years, seven years, etc?
Besides the compatibility issue and future plans, financial capability should be your other concern. Ask your friend how much of a mortgage he or she can pre-qualify for. If the apartment for sale is priced at $300,000, and your friend can only pre-qualify for $100,000, it probably would be a better idea to ask another friend to share an apartment with. In addition, find out how long they have been employed at their present job and what is the outlook for continued employment. It might seem that you’re being overly nosey, but just consider the consequences of choosing the wrong friend.
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