Cheryl Phelan's Blog
In your search for a home, there’s one option you may not be considering: others may also be looking for the same thing—and they’re willing to share the responsibility. However, there are a few things to remember before buying a house with someone else.
Here are a few housekeeping topics to remember when buying a home with someone else.
The Title and Deed
When you buy a house, you get a title. With co-ownership, it explains who owns the property, agreements to property ownership, whose name is placed in the public records under the title and negotiations. The title, while a document, is also more conceptual than a deed.
While the deed does much of the same, it is the physical embodiment of ownership over the property. Understanding the differences between the two is important and something your agent can assist you with.
When Sharing A Property With A Non-Spouse
When you’re sharing the property with a non-spouse, you have a few options. These include:
Tenant In Common
With this option, there’s no need for a 50/50 split. Buyers are allowed to own unequal interests in the property. If one of the co-owners were to pass away, their ownership would transfer to one of their beneficiaries.
Joint Tenants With Right Of Survivorship
Co-buyers own equal interests in the property as a 50/50 split. If you bought a home with two other people, you’d each have one-third interest in the home, and so on. If one tenant passes away, the remaining owners gain the deceased owner’s percentage of interest in the property. There’s no need for a court proceeding or probate, this happens automatically.
Both co-ownership options allow for an undivided interest in a property. All owners are co-owners as a part of the entire piece of property. If one owner wants to sell, for example, they would sell their tenancy or partial interest in the property.
Create a Checklist
When you purchase a property with another person, you’ll want to ensure your agreement is iron clad—keeping strain off of the relationship can also make for a more co-habitable experience. Make sure both or all parties agree to terms by doing the following:
Create a co-ownership agreement
Clarify who owns what percentage
Decide who pays the ongoing expenses
Give options if any owners want out in the future
Bringing in a qualified attorney is a great way to craft a concise agreement. Sit down with all of the potential owners and go over the agreements. Once terms are reached, ensure everyone has a copy of the legal agreements and contracts.
While sharing a property purchase can reduce your debt, it’s important to make complete agreements and understand whether the decision makes sense for all parties involved. If it does, it’s a very viable way to split home buying costs and move in to your own space.
16 Melix Ave, Plymouth, MA 02360
Moving into a new home can be an overwhelming time. You’ll be trying to match what you already have with new pieces, meticulously decorating the blank canvas that is your new space. Every task that you complete, you do to make your home your own.
One part of decorating your home that you’ll definitely want to take your time with is that of choosing artwork for the walls. You don’t just want to take any piece of art to fill up the blank spaces. Choosing artwork should take some thought and time. Below, you’ll find tips on picking the right artwork for all the rooms of your home.
Use What Inspires You
The artwork in your home should remind you of what you love and jog your creativity and motivation. A picture or piece of art can bring you peace and joy just by viewing it. That’s why you wouldn’t want to put just anything on your walls. You’ll be looking at whatever kinds of pictures and statues that you put up each day, so make sure that it’s not something that bores you!
Art Is More Than A Museum
When the word “art” is mentioned, it’s more than being about paintings or classic versus contemporary. Art can be a photograph that you have taken or a small figurine that you bought while on vacation. These are the things that bring you joy after all! The bottom line is that artwork in your home doesn’t need to be fancy, it just has to represent you.
Take The Time To Shop
You may be tired of shopping after looking for the perfect sofa or bedroom set for your new home, but the shopping should continue. It’s best to take your time and not make impulse buys when it comes to buying artwork. Consider where a picture will go before you purchase it to place in your home.
Know The Focal Points In Your Home
It’s much easier to choose artwork if you know where the focal points are in each room of the house. A room with a fireplace, for example, should have the fireplace as the center of attention. Any art that is placed in the room is complementary to that main piece.
Go With Your Theme
If you have a theme going throughout your home, you’ll want to find art to match. A western sunset might not match too well with your mid-century modern styled dining room.
The key to finding artwork and decor for your home is to know what you like. Knowing the scheme and makeup in each room is a great start to decorating right.
Sure, it's possible to find a home with a fully equipped exercise gym, an Olympic size swimming pool, or a couple tennis courts on the premises, but who wants to spend that kind of money! Fortunately, there are house features you can look for that will help you stay in shape without having to win the lottery first! Here are a few ideas to consider when searching for the ideal home:
- Proximity to a park: Whether you're looking for a home in the city or nearby suburbia, most communities have bike paths or public parks where you can walk, jog, inline skate, bicycle, take your dog for a stroll, or play tennis. Parks with playgrounds are also a great resource for keeping your kids entertained, physically active, and engaged. Having a park or walking trail located within a mile of your house is ideal because if it's convenient, you'll be more inclined to go there frequently. While it may not be at the top of your house-hunting "wish list," proximity to a park, nature preserve, or walking trail can be instrumental in helping you and your family stay healthier and more energetic. Doctor-approved, regular exercise is also a proven way to counteract the effects of stress, elevate your mood, and maintain a healthy weight.
- Pedestrian-friendly neighborhoods: One of the advantages of buying a home in a quiet neighborhood is that it offers a safe and relaxing environment for taking daily walks. Going for walks near your house can also be a good way to get to know your neighbors and check out the latest yard sales. Although sidewalks can be a nice feature for homeowners who enjoy neighborhood walks, quiet streets with mostly local traffic is all you really need for favorable walking conditions.
- A finished basement or extra room: The problem with putting an exercise machine in your bedroom or even the family room is that, sooner or later, you're going to get sick of looking at it! Until somebody creates a treadmill, exercise bicycle, or elliptical machine that has aesthetic appeal as well as functionality, it's never going to complement your decor! More often than not, exercise machines are an eyesore and a source of clutter. The solution is to create a dedicated exercise space in either a finished basement, a rec room, or a spare bedroom. Half of a two-car garage can sometimes provide a good area for weights and exercise machines, too, but that's only if you're willing to park your second car in the driveway.