Monday, October 24, 2011

Buying Your First Ottawa Home - Co-Buying Options Part 1

If you are having a hard time scraping together the money required to make a down payment on your first Ottawa home you do have an option that you may not have considered before. Have you ever thought about co-purchasing a home with one of your close friends or relatives? This may be the solution that you need to start investing your money into Ottawa real estate.

A lot of people overlook this option since it is quite a jump to take on a business relationship with a friend or member of your family. Also, this kind of endeavor must only be made with a trustworthy person. Anyone that has not yet reached this level within your trust group should not be used for this type of arrangement since many friendships have been ruined when business becomes a part of the relationship.

Making an agreement

Once a verbal agreement has been made it will need to be transformed into a legal one. It is advisable to use a real estate attorney that has drafted up this sort of agreement before.

A lawyer that has experience in co-ownership agreements has seen the kinds of potential problems that can come up in the future. While all may seem promising during the first discussions, things can become heated later on and can cause this type of ownership to turn into chaos. For example, if anything is not fully understood between the two parties involved it can create confusion down the road. When everything is in writing, however, these are easily cleared up to everyone's satisfaction.

Think about the possibility of investing in your first Ottawa home with someone else if you are short on a down payment and don’t want to wait any longer to get started. It really is a lucrative option that can get you towards home ownership much sooner.

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