Would you co-buy a house with friends or family?

A definite sign of housing unaffordability is the tendency for young adults to team up with friends and family to buy homes.

Choosing a home, decorating it, and managing it on a day-to-day basis are highly personal matters that can cause disagreements even between loving spouses. Add other people to the mix and you have the potential for a very complicated ownership experience.

And yet, people in the real estate industry say that home ownership is definitely a thing. In an upcoming episode of our Stress Test personal finance podcast, we’ll talk to a mortgage broker who has worked with at least four sets of siblings buying homes together this year.

We’d also like to hear directly from people who have bought a home with friends or family, or are planning to do so. If you’re willing to share your story, please contact Stress Test Producer Emily Jackson at emilyjackson24@gmail.com.

Here are some of the things I want to know about joint purchasing:

  • How do you make decisions about what maintenance and improvement expenses to assume?
  • How are mortgage decisions made, ie variable rate versus fixed rate?
  • What if the buying partners have different down payments to contribute?
  • How are disagreements about noise, cleaning, and other tasks handled?
  • How would it work if someone wants to opt out of the shared ownership experience?
  • How do you move to a bigger house if your equity is based on half of owning a house?

In the second season of Stress Test, we cover the trend of young adults moving from expensive urban centers to small cities and towns. Since then, prices in many of these once-affordable communities have skyrocketed. Without a drop in house prices, home ownership may be the only alternative to renting in some cases.


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Rob’s Personal Finance Reading List

Bubbles and real estate problems

A wide-ranging article on what’s happening in the housing market right now, including a discussion of the possibility of a crash and what both homeowners and prospective buyers need to do in the future.

Solving Life’s Money Dilemmas

A longtime American financial blogger has written a book that adds a new dimension to personal finance advice with answers to practical questions like whether to change jobs or be a loyal soldier, whether to invest in stocks or real estate, and whether to buy a repairman. -high house or something remodeled. Here’s the author, Sam Dogen, on how he approached the book.

the other side of bitcoin

Bitcoin has not avoided the turmoil that has plagued assets like stocks and bonds recently. CNBC reported earlier this week that Bitcoin was down 55 percent from its November peak, and that 40 percent of Bitcoin investors have lost paper money. For me, the most interesting point raised here is that bitcoin prices have closed out of tracking the Nasdaq index, raising questions about bitcoin as an inflation hedge and portfolio diversifier.

Tips for buying a family car

The average price of a new vehicle in Canada is about $44,000, which is a lot. Thoughts here on how to focus your vehicle search for the best value. Interested in going electric? Here is a helpful primer.


Questions and answers

Q: I recently noticed some friends sharing on social media about the personal finance apps they’re using for household budgeting. Sounds like it could be a useful tool and easier to navigate than spreadsheets. I wonder if an app is worth paying an annual fee for, and is there one that is better than the rest?

AN: Here’s a look at the best financial apps for Canadians, including a discussion of security.

Do you have any question for me? Send it my way. Sorry I can’t answer each one personally. Questions and answers are edited for length and clarity.


Today’s financial tool

A question posted on Reddit about where to find the best travel deals generated a lot of helpful responses.


The Money Free Zone

I enjoyed this critical take from Globe Arts reporter Brad Wheeler on the 1971 song american foot by Don McLean, who gave a concert in Toronto earlier this month. Now for the song itself. Come on, you know you want to hear it one more time.


See this

A portfolio manager explains why investing in ETFs covering popular investment themes is “like setting your money on fire.”


In Case You Missed These Globe and Mail Personal Finance Related Stories

More Rob Carrick coverage and money

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