Monday, February 22, 2010
Open Question: Should I co-own a house with my Mom?
I recently graduated from college and I have been working for a couple years. I have been thinking of buying a home especially since it is a buyers market. I just don't want to get a mortgage based on the salary I have now being that I'm still at entry-level. My mom had mentioned to me that maybe we could buy a home together. My parents are divorced and my mom has not remarried since then (14 years). Me and my mom are very close and I am very confident in co-owning property with her. The house she lives in now is about to be paid off in about a year or so, and she wants to use the money from that to go towards the house we would buy. It sounds like a good idea since the thought of paying a mortgage all by myself scares me. My only reservation is how this would effect my personal life. I do hope to get married one day and I'm not sure how this would effect that. She said that if I do get married I could either keep the house and she would move out or I could buy another house with my husband and I move out. I'm not sure what to do. Anyone have opinions on this?
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