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Parent-Child Joint Ownership of a House: What You Need to Know

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Parent-Child Joint Ownership of a House: What You Need to Know

The American Dream of financial independence is significantly harder to come by than it was for our parents. A recent survey shows that roughly 45% of people 18 to 29 are living with their parents. This comes as no surprise considering the staggering cost of living post-pandemic.

One way many families are making their combined incomes work for them is by buying a home together. Are you curious about what parent-child joint ownership of a house looks like? Read on for an introduction to this hot new trend!

Joint Tenancy 101

Buying a home might seem like a simple concept, but in the eyes of the law, it’s relatively complex!

There’s a term for what you’re doing, and it’s “joint tenancy.” This means that two or more people own a piece of real estate. Many people default to equal shares, but it’s also possible to divide up shares based on factors like usage and contributions.

Let’s take that one step further and add the “right of survivorship” to the joint tenancy equation. Right of survivorship means that when one of the joint tenants dies, their share goes to the remaining owner or owners. For example, if you and your mother purchased a property, you would have full ownership of the property upon her death.

What Are the Benefits?

The biggest benefit to becoming a joint tenant with your family members is that you lower costs of living without sacrificing your quality of life. Combining incomes means you get a better living space without having to live on ramen until you have a healthier salary.

Second, it’s a great way for parents to set their children up for future financial stability and success. Real estate is one of the best investments you can make, especially in neighborhoods that have the potential to increase in value over time.

Is Parent-Child Joint Ownership of a House Recommended?

Whether you’re buying a new house or just want to put your child’s name on the house deed, you need to consider whether it’s the right move for your family. You’ll both have co-owner mortgage responsibilities, and you’ll need to have a plan in place if one of you is unable to make payments on the mortgage.

You’ll also want to consider the complexities of your family dynamics. If there are multiple siblings, but only one is going to live in the home and have rights to a property, then that needs to be discussed. Issues like this often tear families apart if there isn’t a clear agreement or will put into place before the parents pass on.

Are You Ready for Homeownership?

Many working Millennial and Gen Z folks have found their path to homeownership through parent-child joint ownership of a house. Living with your parents is quickly becoming a socially acceptable practice, particularly in today’s tough financial landscape. However, it does come with its tradeoffs, so carefully consider your options before signing on the dotted line!

Being a homeowner isn’t an easy gig! You’re bound to have a ton of questions about everything from maintenance to decor. Be sure to check out the rest of our blog for the answers to your most pressing questions!

SEE ALSO: Voot Activate TV Code: How can I access Voot Select TV?

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