Would you...

[stockbones]

Would you buy a house with your cousin?
to be more specific....me and my gf have a child together, expecting another, we currently live with my parents and are planning to move out...i probably can afford to rent a place, but rather protect my money and buy a house...
i work a steady average paying job, and my gf is still in school who will be done in sept.
I have my school loan and about two years left to pay for my car.....and she has her osap to pay for ...
now my cousin and his gf have both steady jobs, and basically are just paying off for their cars, rrsps...etc....they dont have any other school loans or line of credits.

we talked about buying a house in two years or so, once my gf has finished school and has a steady job. I just wanna know what im getting into when buying a house with my cousin ....i have looked at things like the downpayment...and if we both decided to move out, how we split the mortgage and such....do u guys think its a good idea to buy a house with family? oh btw they dont have any kids yet...but im sure they are planning to get married soon, which most likely will lead to that....

[ronny1980]

If you want to avoid mortgage insurance you will need 25% downpayment. However if your monthly mortage payments is more than 1/3 of your monthly income they still may require you to buy mortage insurance even if you have the 25% down. If you buy it with your cousin then obviously it will be less than 1/3 of combined income so you shouldnt have to worry about mortage insurance unless you decide to buy a house yourself.

Whether or not its a good idea to buy a house with family really depends on you and your relationship with your cousin.

Have you guys ever lived together before?

It could be good it could be bad...but when it goes bad...it goes REAL bad..

[bluetroll]

Ya... REAL bad...

[guest10586]

Yeah...bad...

[axeman]

i hav a house and a wife and we both have jobs.first i would never buy a house or anything else with anyone other than my wife/gf.way too many issues to deal with.also i would never live with anyone other than my wife/gf.again ,way too many issues.i see this all the time ,dont often see it work out :(
sad but true,just my .02 though :)

[stockbones]

yeah i know what u guys mean...if it goes bad...its really bad, but then again we are cousins and we ar ereally close, we havent lived together b4 either.
I just wanna know whats the worst that could come out of it....i understand the advantages cause thats the reason why i wanna move with my cuz...

[ronny1980]

yeah i know what u guys mean...if it goes bad...its really bad, but then again we are cousins and we ar ereally close, we havent lived together b4 either.
I just wanna know whats the worst that could come out of it....i understand the advantages cause thats the reason why i wanna move with my cuz...

there are just some people that you can really get along with but cant live with.

Maybe you and your cousin should rent a place together for a few months and see how things go.

[manixc]

You gotta make sure that both of your girlfriends will be okay with the whole situation. It will be important to have some sort of agreement between the two parties before buying a house.

One of the problems I can imagine is that one of the parties want to move out and sell their share but the other party is not ready or not willing to move elsewhere.