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Is co-buying right for you?
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The intensity of the real estate market is no secret these days. With both rental prices and property prices skyrocketing, many first time buyers and millenials are trying to find creative solutions for entering the real estate market. For many, that means considering co-buying with friends or family. This solution comes with both its benefits and risks.
Thinking about co-buying? Consider the following questions first.
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- How will buying a home with someone affect your finances?
Even if you're splititng a mortgage payment, the entire balance of the mortgage will be reported to lenders as your sole responsibility. This in turn could impact your cost of borrowing (e.g. for credit cards or loans).
- Who will pay for what?
The clearer and more detailed the expectations are when co-buying, the better. This means you need to discuss everything from how the mortgage and closing costs will be split, to who is paying the electrical bills, to who foots the plumbing repair bill and the lawn service. - What kind of home should we look for?
When co-buying, you may want to look for a home with two separate living spaces and at least two generously sized bedrooms. A home with an ADU or mother-in-law suite may be particularly attractive. You will also want to find a home with strong resale value - as you never know when life situations will change for you or the person you're purchasing with. - How will disagreements be resolved?
Before purchasing a dwelling with a friend and family member you need to consider how inevitable disputes will be solved. You also need to carefully think through what rules and stipulations to set from the get go to limit the number of disputes. - What will happen if one individual needs to move out?
You need to carefully consider what will happen in this situation. Will you be able to afford to refinance? How will you structure a buyout? How will you determine price? These need to be considered before you sign on the dotted line.
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Purchasing a home with a friend or family member can complicate relationships and certainly is not for everyone. However, it is a growing trend for good reason. Considering it? As always, we're here to help you sort through the pros and cons of both the real estate and financial aspects of the decision.
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| Recent Sales and Listings from Augustedge |
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We are on the cusp of boating season once again. Before you pull your boat out of storage, pause to considered whether you're fully covered. There are lots of new boaters at the dock - you don't want to suffer from their mistakes! Just as real estate prices are sky-rocketing, so is the value of your boat. Are you sure you have enough coverage for your prized possession? Talk to us today!
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| News from the Accounting Blog |
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The Tax-Filing Deadline Is Drawing Near
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As a reminder to those who have not yet filed their 2021 tax returns, April 18, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension .
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Can’t Pay Your Taxes? Here Are Some Options
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Although most (74% in 2020) American taxpayers receive a refund each year when they file their income tax returns, there are those who for one reason or another end up owing.
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The Most Important KPIs for E-Commerce Businesses
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If you’re running an e-commerce business, you are part of one of the most exciting aspects of the global economy. No matter what you’re selling the challenges and the competition is fierce.
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| We provide a full range of professional services à la carte – real estate, accounting, tax, business consulting, bookkeeping, quickbooks, financial services and insurance to ensure that you get the level of support you require with superior client service. We are your trusted problem-solver; your confidant, and your business adviser all rolled up together. |
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Augustedge, PLLC & Real Estate
Wenatchee Office
521 S Chelan Ave, Suite A.
Wenatchee, WA 98801
509-494-8500 |
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Augustedge, PLLC
Chelan Office
107 Emerson Ave. Suite #1 & #4
Chelan, WA 98816
509-494-8500
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Augustedge, PLLC & Real Estate
Quincy Office
21 D St. SW, Suite A
Quincy, WA 98848
509-794-0610
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