Do You Dare To Retire In A House You Own Jointly With Someone Who Is Not Your Spouse?

More than 20 years ago, George Carlin ranted on stage about the wimpy names that had recently become popular.  He singled out Todd as a silly name, along with other names such as Kyle and Cameron.  Today, Todd, Kyle, and Cameron are names for prosecutors, real estate agents, and parents that every teacher dreads seeing at parent-teacher conferences.  For that matter, Kyle and Cameron are unisex names and have been for years.  Times change.  Consider that, in The Catcher in the Rye, Holden Caulfield scoffed that anyone named David, Lisa, or Marcia must be a phony, because those names had only recently attained popularity.  Today, Todd, Kyle, and Cameron are acting as personal representatives of the estates of David, Lisa, and Marcia, and if they are lucky, they get an inheritance, but even if they do, it probably will not be enough for them to buy a house.  Yes, millennials, retirement is only a quarter century away.  Six more presidential elections, and you will be ranting about the silly names and incomprehensible habits of the younger generations.  You still will not be able to afford to buy a house, but you will have to live somewhere when you retire.  For help making sense of this situation, contact a Tampa estate planning lawyer.

Friend?  Family Member?  Business Partner?  Roommate?  It’s Complicated?

If you can’t qualify for a mortgage all by yourself and probably never will be able to, you are not alone.  More than three quarters of homebuyers buy a house jointly with someone else.  Surprisingly, spouses make up less than two thirds of homebuying partners.  Other people buy a house jointly with their parents, siblings, platonic friends, or even with business partners where ownership of the house is the business.

A few years ago, journalists were joking about “Millennial Golden Girls” buying houses with their platonic friends, but it makes sense from an economic perspective.  Plus, more people per household makes for more sustainable use of environmental resources; one air conditioning unit is better than four if the goal is to keep four people cool in the summer.  The legal aspects of it are so complicated that you need at least one lawyer to review all the documents.  You should agree in writing with your silver-haired roomies about how to transfer ownership of one person’s share.  In other words, things can get complicated when one homeowning housemate dies, and his or her heirs inherit a share of the house.  Three Millennial Golden Girls who are lifelong friends can easily turn into 12 bickering Generation Alpha nieces and nephews who wish their elders had thought through the consequences of their actions more thoroughly.

Contact David Toback About Coping With the Economic Circumstances of Your Retirement

A Central Florida probate lawyer can help you think beyond the outdated ideas that guided your parents’ retirement plans.  Contact David Toback in Tampa, Florida to set up a consultation.

Source:

housebeautiful.com/design-inspiration/real-estate/a60333639/why-i-want-to-buy-a-home-with-my-friends/