Two unrelated people buying a house is becoming more common, not only in Europe1, but also the United States.
The idea of co-buying may not sit well with people who see a huge risk in buying a home with an unrelated person. But for those who are willing to consider it, tenants in common is the established legal framework for unrelated adults to own property.
As well, an initial contract between the tenants in common can help to sort out details that might become sticking points later on. This has proved helpful for people buying a house where one bedroom has an en suite bathroom, as well as setting out a process to follow when one of the co-tenants moves out or dies. The article linked below also points out that a contract is not required and can be negotiated after purchase.
Tenants in common is less familiar than joint tenancy, the framework that used most often by married couples. Joint tenancy is not without its risks either. For example, marriage breakdown can lead to homelessness. Could tenants in common and a contract offer more stability for married owners than a joint tenancy?
Read more about developments in co-buying in the United States in Next City2: Can Co-Buying Help Solve The Affordability Crisis?
Footnotes
- Try: Not Married But Need To Share A House? Verantwortungsgemeinschaften!
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