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Posted by John Boey on 7/8/2018

In your search for a home, there’s one option that you may be overlooking. That is the act of sharing a home with others. It can help you to divide the expenses of homeownership and even put you on a faster path to homeownership. When you do decide to share the cost of homeownership with others, there’s a few things that you should know.


There’s so many different advantages to co-buying a home with a relative, even as a married couple. You do need to make sure that the arrangement is well thought out and planned ahead of time. 


The Title


When you buy a house, you receive what’s called a title. In the case of co-ownership, it explains how the buyers are sharing the title. The way the title is set up could have consequences down the road, especially when it comes to one person exiting the house, and parting ways with the agreement.  


When Sharing A Property With A Non-Spouse


When you’re sharing the property with a non-spouse, you have a few options. These include:


Tenant In Common


With this option, there’s no need for a 50/50 split. Buyers are allowed to own unequal interests in the property. If one of the co-owners were to pass away, their ownership would be transferred to one of their beneficiaries. For this reason, tenant in common is the most popular way that buyers who are not related agree in guying a property together and take on the title.     


Joint Tenants With Right Of Survivorship


With this option, co-buyers have no option but to own equal interests in the property at hand as a 50/50 split. If you bought a home with two other people, you’d each have one-third interest in the home, and so on. If one tenant passes away, the remaining owners gain the deceased owner’s percentage of interest in the property. There’s no need for a court proceeding or probate, this happens automatically. Even if the deceased owner has a will designating their portion of the property be given to someone else, the request is null and will generally be refused.   



Both of these co-ownership options allow for an undivided interest in a property. All owners are co-owners as a part of the entire piece of property. If one owner wants to sell, for example, they would be selling their tenancy or part interest in the property.       

Important Things To Do:


  • Create a co-ownership agreement
  • Clarify who owns what percentage
  • Decide who pays the ongoing expenses
  • Give options if any owners want out in the future


You could draft one of these agreements with a qualified attorney. It’s a good idea to sit with everyone before the purchase of the property is made to talk and lay out all of the expectations. Everyone should have one of these agreements in writing, however. 


While sharing a property purchase can reduce your debt, it’s important to make smart agreements and understand whether the decision makes sense for you and all parties involved.





Posted by John Boey on 7/6/2018

This Single-Family in Winchester, MA recently sold for $1,150,000. This Colonial,Garrison style home was sold by John Boey - Central Real Estate.


17 Hillside Ave, Winchester, MA 01890

Single-Family

$1,049,000
Price
$1,150,000
Sale Price

11
Rooms
4
Beds
2/1
Full/Half Baths
Stunning Garrison Colonial located in a serene setting just a brief walk to schools, Winchester center & the commuter rail. Enter into the bright & elegant living room featuring charming built-in cabinets, hardwood floors, fireplace & picturesque bay window. Entertain in the formal dining room with built-in hutches or the grand kitchen with custom-made cherry cabinets, which opens up to a spacious dinette. Enjoy your morning coffee or dinner in the adjoining screened in porch, offering spectacular sunset views. The 2nd floor boasts an impressive master suite with his & her walk-in closets, a cedar closet & spacious master bath. 3 additional bedrooms, office with built-in workstation, laundry room & full bath complete the space. The lower level offers a family room/playroom & contains ample room for future expansion. Escape to the peaceful backyard & enjoy a cookout on the patio w/ friends & family. With an attached garage & incredible location, you don't want to miss this opportunity!

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Categories: Sold Homes  


Posted by John Boey on 7/3/2018


175 Quincy Shore Dr, Quincy, MA 02171

Rental

$1,650
Price

4
Rooms
1
Beds
1
Baths
Large 1 bedroom 849' at Hamilton Bay Condos, features include updated kitchen, Stainless steel appliances, Huge living room w/sliders to a oversize private balcony over looking complex amenities swimming pool with clubhouse and tennis court, Rent includes heat, hot water, c/a, water and sewer, Very convenient location, Easy access to Southeast Expressway into Boston, Walking distance to Wollaston Beach, Marina Bay and N Quincy subway station, Must have good credit and income. Tenant pay one month fee to be split between listing and renting office.Easy to show
Open House
No scheduled Open Houses

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Tags: Real estate   Rental   Quincy   02171  
Categories: New Homes  


Posted by John Boey on 7/3/2018


25 W Howard St, Quincy, MA 02169

Condo

$449,900
Price

6
Rooms
3
Beds
2
Baths
Rare to see. Spacious young townhouse in a very convenient location. Bus stop across the street. Close to highway and shopping. This fantastic house features 6 rooms, 3 bedrooms, 2 bathrooms, 2 parking space. Excellent condition. You will appreciate the open floor plan kitchen with upgraded granite counter top, Gleaming hardwood floors throughout. Gas cooking, hot water, heating and Central AC. Slider to deck and professionally landscaped backyard.
Open House
Sunday
July 08 at 12:00 PM to 2:00 PM
Cannot make the Open Houses?
Location: 25 W Howard St, Quincy, MA 02169    Get Directions

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Tags: Real estate   Condo   Open House   Quincy   02169  
Categories: Open House  


Posted by John Boey on 7/2/2018

This Single-Family in Hingham, MA recently sold for $615,000. This Raised Ranch style home was sold by John Boey - Central Real Estate.


16 Fottler Rd, Hingham, MA 02043

Single-Family

$629,900
Price
$615,000
Sale Price

7
Rooms
4
Beds
2/1
Full/Half Baths
Price to sell. Huge price reduction.Welcome home to this beautiful house in the wonderful neighborhood. Interior completely renovated from top to bottom. Main level has an open concept kitchen has granite counter top with classic cabinet. High classic full bathroom, spaces dining room and living area. Slider door leads to the large backyard. Also, you will find three good-sized bedrooms, including a master bedroom with half bath. Lower features large family and huge entertainment room. Blank new central A/C as well as heating system. House is new fully insulated. Don't miss this one, won't last.

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Categories: Sold Homes  




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