DENVER (KDVR) — If you’ve been hitting dead-ends with your home-buying experience in Colorado, there’s a new trend emerging across the state: co-buying with friends.
Rather than purchasing a home with a spouse or partner, some realtors are suggesting going in on one with a best bud or a relative.
According to a new survey from Realtor.com, 31% of Americans and 41% of Americans between the ages of 18-34 have bought a home with someone they’re not married to.
What’s even more interesting is that 55% of all survey respondents and 68% of respondents between the ages of 18-34 say even if they haven’t done it, it’s something they would consider.
“I myself, I’m a renter and I’m single and I’ve thought about buying with a friend. This is a trend I think is happening in competitive housing markets across America right now where folks are tired of renting, they’re tired of throwing their money away — and they want in the market, but how do you do it? You find somebody to do it with,” said Rachel Stults, managing editor for Realtor.com.
For anyone who’s looking to take this route, Stults suggests the following:
“You’re going to have to talk about finances. So you’re going to have to talk about your debt, your credit history. All of these things you’re going to have to come to the table with a mortgage lender because both of you are going to be evaluated when you get a mortgage,” she said.
The average price for a home in Denver is hovering around $750,000.