# Pros vs. Cons - Buying a house with someone
**URL:** https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678
**Category:** NYSpeed Off Topic
**Created:** [January 21, 2009, 9:55am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678 "2009-01-21T09:55:48Z")
**Posts on this page:** 20
**Page:** 2
### Author:  [@Viper966](https://forums.speedlife.net/u/Viper966)
#### Post date: [January 21, 2009, 10:14am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/21 "2009-01-21T10:14:11Z")
horrible idea… but then again, you probably have already made up your mind
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [January 21, 2009, 10:14am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/22 "2009-01-21T10:14:30Z")
> [@Dr.Stevil](#):
>
> hell if you’re making that much coin, why not rent cheaply for 2-3 years… save everything you can and then either buy a house in cash or buy something more expensive with a huge down payment?
I have saved for 2 years. I would never rent for the fact that the money spent renting is potentially ~12k+ a year that you could be saving for a DP.
If anything, I’ll stay here for 2 more years, save up tens of thousands more and go buy a $250k house and have a $800 mortgage.
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [January 21, 2009, 10:15am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/23 "2009-01-21T10:15:21Z")
> [@Viper966](#):
>
> horrible idea… but then again, you probably have already made up your mind
no, i haven’t. i went to a couple open houses just to look around and see what is out there and what amount buys me what.
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### Author:  [@theblue](https://forums.speedlife.net/u/theblue)
#### Post date: [January 21, 2009, 10:15am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/24 "2009-01-21T10:15:34Z")
don’t forget the girl factor in this… it’s all simple when it’s a couple dudes hanging out, then it get complex…
and people who use the “rent is throwing away money” need to learn how to invest, either can work to bring good returns… didn’t you just get hired into an important financial position, how!!!
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [January 21, 2009, 10:17am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/25 "2009-01-21T10:17:24Z")
if anything, i’d wait a couple years and move into something like this…
[http://r-house.com/app.aspx?st=7010&e=detail&propertyid=1509916&aid=](http://r-house.com/app.aspx?st=7010&e=detail&propertyid=1509916&aid=)
pick my own colors etc. etc.
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### Author:  [@ryanmcell](https://forums.speedlife.net/u/ryanmcell)
#### Post date: [January 21, 2009, 10:21am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/26 "2009-01-21T10:21:24Z")
What happens when you decide to move out of Buffalo Beck? Or your friend decides he wanted to as well, both being legally obligated to the house, how hard is it to get one party removed? Does it require refinancing?
I’d say bad idea, same reason why I am looking for a house and refusing to have my gf on the mortgage because when/if we break up I don’t want to have to deal with that shit.
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### Author:  [@Viper966](https://forums.speedlife.net/u/Viper966)
#### Post date: [January 21, 2009, 10:21am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/27 "2009-01-21T10:21:49Z")
> [@Beck](#):
>
> if anything, i’d wait a couple years and move into something like this…
>
> [http://r-house.com/app.aspx?st=7010&e=detail&propertyid=1509916&aid=](http://r-house.com/app.aspx?st=7010&e=detail&propertyid=1509916&aid=)
>
> pick my own colors etc. etc.
why dont you slow the F down and see how your new job is?
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [January 21, 2009, 10:23am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/28 "2009-01-21T10:23:11Z")
> [@Viper966](#):
>
> why dont you slow the F down and see how your new job is?
this has nothing to do with my new job. i’ve been doing this for months. i’d like to get into something, before the economy turns around.
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### Author:  [@ryanmcell](https://forums.speedlife.net/u/ryanmcell)
#### Post date: [January 21, 2009, 10:24am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/29 "2009-01-21T10:24:20Z")
> [@Beck](#):
>
> if anything, i’d wait a couple years and move into something like this…
>
> [http://r-house.com/app.aspx?st=7010&e=detail&propertyid=1509916&aid=](http://r-house.com/app.aspx?st=7010&e=detail&propertyid=1509916&aid=)
>
> pick my own colors etc. etc.
Damn, a house like that down here in prime location would be 500-550 easy.
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [January 21, 2009, 10:26am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/30 "2009-01-21T10:26:09Z")
> [@ryanmcell](#):
>
> Damn, a house like that down here in prime location would be 500-550 easy.
the point is, i could send my dad and his crew in there and in a weekend, have it be in move-in condition with my color choices and carpeting selection.
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [January 21, 2009, 10:27am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/31 "2009-01-21T10:27:11Z")
however, i’m not buying a $250,000 house w/ $6000 taxes until I can put down atleast $50,000. If I could just sell my fucking car, I’d be alright and more than halfway there.
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### Author:  [@ryanmcell](https://forums.speedlife.net/u/ryanmcell)
#### Post date: [January 21, 2009, 10:27am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/32 "2009-01-21T10:27:42Z")
> [@Beck](#):
>
> the point is, i could send my dad and his crew in there and in a weekend, have it be in move-in condition with my color choices and carpeting selection.
Right right, just was saying its a good looking house 🙂
See my above post, find out how hard it would be for either of you to be removed legally and/or bought out by the other if the time came and if that was ok with you then do it.
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [January 21, 2009, 10:32am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/33 "2009-01-21T10:32:24Z")
> [@ryanmcell](#):
>
> What happens when you decide to move out of Buffalo Beck? Or your friend decides he wanted to as well, both being legally obligated to the house, how hard is it to get one party removed? Does it require refinancing?
>
> I’d say bad idea, same reason why I am looking for a house and refusing to have my gf on the mortgage because when/if we break up I don’t want to have to deal with that shit.
i would have to find this out.
I’m never moving out of buffalo though, unless I absolutely have to or something happens to my parents in the near future.
If I leave town for more than a week, I get home sick. I can’t stand not knowing how to get places quickly or any take shortcuts anywhere.
Plus, I don’t mind the winter.
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### Author:  [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)
#### Post date: [January 21, 2009, 10:32am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/34 "2009-01-21T10:32:47Z")
Rent = 12000 a year.
Buy = 4000 a year taxes, plus ~7K per year interest on 200K
Yes renting is throwing money away.
Plus maintenance, plus yard, plus crack & hoes.
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [January 21, 2009, 10:33am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/35 "2009-01-21T10:33:10Z")
Oh, and you can’t forget all the Long Island girls that attend UB. What would I do without them?!
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### Author:  [@jimmyfloyd](https://forums.speedlife.net/u/jimmyfloyd)
#### Post date: [January 21, 2009, 10:35am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/36 "2009-01-21T10:35:19Z")
I’d say get one just yourself. I had this same question come up, just with the girlfriend. It’s all in my name, and I can afford everything on my own if needed. This worked out better for both piece of mind, plus financially it kept me knowing I was not going to have issues should something happen. For expenses, I pay the mortgage, she pays the bills. Any improvements that stay with the house I do, anything that can be moved out, she’ll do.
In your case, having a situation similar will allow you two things. All money that you would spend on bills, could be put into savings/towards the mortgage.
Financially, where I see issues arising is when repairs/upgrades are needed, who has final say in that? Do you go cheaply, or extravagant? red or blue? They seem trivial, but they could end up turning into huge issues over the course of the living arrangement. What if he doesn’t want to spend the extra for granite over formica? Do you make him pay anyways, or do you pick up the difference?
Also, come sale time, there could be an issue with how you split the final costs/price.
To me, I’d rather be safe than take the risk in this situation.
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### Author:  [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)
#### Post date: [January 21, 2009, 10:37am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/37 "2009-01-21T10:37:05Z")
> [@Beck](#):
>
> this has nothing to do with my new job. i’ve been doing this for months. i’d like to get into something, before the economy turns around.
You do realize Buffalo’s housing market doesn’t really fluctuate?
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [January 21, 2009, 10:37am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/38 "2009-01-21T10:37:46Z")
> [@jimmyfloyd](#):
>
> I’d say get one just yourself. I had this same question come up, just with the girlfriend. It’s all in my name, and I can afford everything on my own if needed. This worked out better for both piece of mind, plus financially it kept me knowing I was not going to have issues should something happen. For expenses, I pay the mortgage, she pays the bills. Any improvements that stay with the house I do, anything that can be moved out, she’ll do.
>
> In your case, having a situation similar will allow you two things. All money that you would spend on bills, could be put into savings/towards the mortgage.
>
> Financially, where I see issues arising is when repairs/upgrades are needed, who has final say in that? Do you go cheaply, or extravagant? red or blue? They seem trivial, but they could end up turning into huge issues over the course of the living arrangement. What if he doesn’t want to spend the extra for granite over formica? Do you make him pay anyways, or do you pick up the difference?
>
> Also, come sale time, there could be an issue with how you split the final costs/price.
>
> To me, I’d rather be safe than take the risk in this situation.
thank you. this is the best post so far. i appreciate it.
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### Author:  [@ugo](https://forums.speedlife.net/u/ugo)
#### Post date: [January 21, 2009, 10:38am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/39 "2009-01-21T10:38:24Z")
Hope you have a good lawyer. It will take $ to straighten out this mess WHEN the shit hits the fan.
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### Author:  [@Beck](https://forums.speedlife.net/u/Beck)
#### Post date: [January 21, 2009, 10:38am UTC](https://forums.speedlife.net/t/pros-vs-cons-buying-a-house-with-someone/61678/40 "2009-01-21T10:38:56Z")
> [@ultradriver10000](#):
>
> You do realize Buffalo’s housing market doesn’t really fluctuate?
i’m aware. we are plateaued and probably always will be. it will more than likely effect rates though.
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