WATCH IT IN HD! This beautiful 4 bedroom 2 bath property features a snug character-filled home, a three-level barn with circular sand paddock, two large fenced corrals, 2-car garage and additional parking, and a convenient location bordering forested land in a neighborhood of other horse properties. If you like distinctive rural properties easy commuting distance from in-town amenities, this one is a must-see! For more information, use the contact information at the end of the video.

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One viable option to consider is a residence with separate units, such as a duplex. Everyone would have the privacy of their own separate entrance, kitchen, and more. Even though there may be advantages with this setup, the issues of maintenance costs for the land and property still need to be discussed.

Another less expensive option is to buy a single property and share the space together. One disadvantage of this arrangement is the loss of individual space. Consider purchasing a home with a layout conducive to separate living areas.

Before you hastily jump into a joint arrangement, you’ll have to discuss major financial issues and other issues particular to a joint ownership. One of the biggest issues will be concerning splitting the down payment and monthly expenses. Will this be an even split or a percentage split depending on the amount of down payment put in, the size of bedroom occupied, or some other factors. Be aware your tax benefits will be dependent on how you split ownership.

Another significant concern is what happens to a co-owner’s portion of the property when he or she dies? Will his or her heirs have rights to it? How will you deal with circumstances where one co-owner decides to move out-does he or she have the option to sell his or her portion of the home, require the other co-buyers to buy his or her portion out, or force the sale of the property?

You need to get some good legal advice concerning these issues because how you and the other joint owners list the ownership on the deed legally determines what happens in these circumstances. Common ways to hold title on a property can include tenants in common or joint tenants with right of survivorship. It’s best to consult with a local attorney to determine which ownership is best for you.

Other cobuying concerns include agreeing on how long everyone plans to stay in the house (and what happens when someone gets married or when a parent needs long term care); how the monthly expenses will be covered when one owner goes through tough financial times; how the house will be decorated; and rules about how the space will be shared (cleaning up, buying house supplies, music volume, and rules regarding overnight guests).

Joint ownership can be a good way to get into the real estate market but it’s essential to find the right co-owner to live with. Spend adequate time to discuss all possible issues that can arise and solidify it in writing with the help of an attorney.

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