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Pros and Cons of Investing In a Condo with Friends or Spouse

Every person wants to share some of the very best things in their life with their friends and family. Some of these things vary from person to person. If you want to share a condominium with your friend or girlfriend then you are taking a very big decision and so think thoroughly before you proceed. This is because unlike roommates partners in any such endeavor shares take turns in paying the cost of the condominium and take turns in occupying it.
There are several downsides and upsides when you decide to share and invest on 2 Bedroom Condos for Sale in Mississauga. Therefore doing your homework is essential. It is always better to decide to hire the help of an expert real estate agent to do the job. The challenges of co-buying are unique so the solution to them should be unique too. In such situation a real estate agent will not only help finding the right property but at the same time will assist you in getting touch with good real estate attorney who can provide practical guidance. When it comes to condos there are no minor disagreements between friends so you need to allocate expenses, pay bills and resolve disputes before you invest on 2 Bedroom Condos for Sale in Mississauga.
Here are some helpful tips coming from reputed real estate agents who have helped friends and partners find and share condominiums in Mississauga and other areas:

  • Take vacation together to test the compatibility between you and your friends. Even if you are not sharing bedrooms when you buy the condominium, you will be sharing the kitchen and bathroom. In such a living condition, it will be better for you and friends to asses if buying a condo together would be a easy decision.
  • The next thing that you need to asses to make sure is a sound agreement with detailed rules and potential source conflict. Make sure you have a sound agreement and set rules about the matter.
  • Devise plans for paying utility bills in a better and equitable way. You have access to internet while your friend may have access to the television. Ensure when you are making the payments and when your friend is. Also, be clear on who is paying what.
  • Small things like pet, pet hairs, odors can become large and loom over for very long time. So if any of you own a pet ensure that you these issues are dealt with before signing papers. Work things out prior to making final payment and deals.
  • There are many costs and expenses that may crop up suddenly, some during the process of making the purchase. Homes are called money pits so ensure that there are no unexpected delays.

Buying condominiums together, especially with friends lead to several complications in the future if they are not rectified before. Before making any decision, think twice and then invest.

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