Although using a roommate for buying a home is not a traditional approach, it is
something considered more and more by single people wanting to own a home but who need some assistance with the month mortgage. In this case, you might have someone who has the down payment and can even qualify for the mortgage. However, to keep up with the mortgage, maintenance, and other debts, it would be extremely difficult. Therefore, by brining a roommate into the home to share some of the mortgage and utilities, owning a home becomes much more reasonable.
Today, the number of people using roommates when buying a home is on the rise.
Tired of living in cramped apartments or having space but without building equity, the number of young people going this route is increasing. Obviously, in addition to building equity, this also allows more space, freedom to decorate as you will, and have the pride of being a homeowner.
If you think using a roommate to help you once you purchase a home, just make sure you do your homework first in that not everyone is compatible. Many times, people think they can room with a best friend but in most cases, this is call for disaster. Instead, there are actually professional roommate matching services that will take likes, dislikes, beliefs, careers, dating, everything into consideration and then match you with potential individuals to select.
The bottom line is that while you might be able to get into a home, staying with it money after month can be tough. By bringing a good roommate into the home, you can have the best of both worlds – your own home and bills that are not consuming you. Therefore, if you are ready to get away from mom and dad’s house or move out of your apartment, this is an option.