We are seeing more unmarried partners and friends buying homes together. Sounds like a great solution to wasting money renting. But, as a local real estate attorney explained to me, buyers better possess the equivalent of a prenup agreement for housing or face the potential for a legal dispute.
People have asked me whether living in a condo is the best option for city living. My standard answer is: It depends on the buyer’s wants and needs in a home. There are many positives to the condo life but there are some detriments as well. Here’s my take on the topic.
I am often surprised that buyers don’t realize there are programs available to assist them with the down payment and/or closing costs of a home purchase. Yes, there are a few hoops to go through and the main goal is to help the low- to middle-income segment of the country but it often cannot hurt to inquire. And if you do, some programs defer payments for up to 30 years (not months!). I spoke with one of the heads of the state’s Housing Finance Commission to showcase buyers’ options.
Finally, I pored over the city’s newly approved housing legislation that will permit owners to build accessory dwelling units (ADUs) in the home or as a detached unit. The real point of the change – to increase affordable housing in a city desperate for more living spaces – will hopefully produce 240 new homes a year for the next 10 years.