Is it a bad idea to buy a condo with my sister?

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> We agreed that if one party wishes to sell for certain reasons (marriage etc), that the other party must sell as well. How quickly must it be sold? What if one want to live there for just one more year? Will the other be responsible for continuing to pay for somewhere that isn’t being lived in? What about if one doesn’t agree to the selling price and want to hold out for a better offer? What if one can no longer afford the apartment? Does that mean the other who can afford must agree to selling and moving out? There are numerous “what ifs.” Only you can decide if your sister is worth the risk. You know your sister best. With that said, I generally advocate never owning anything with anyone you’re not married to. Even family.

BouncyEgg

Just my personal experience… my sister and I bought a house with an in-law Appartment together. We were thicker than thieves, always had been. Then something happened and we no longer talk to each other. I moved out and assumed she would rent the other side. She didn’t. Stopped paying the mortgage for a few months then left the country to marry her BF from Northern Ireland. All of this was unknown to me since we were not on speaking terms. Long story short, it fucked up my credit, was very hard to try and sell since she was out of the country and not speaking to me. I got it done with a lot of dumb luck and help from some savy realtors, but I would not recommend. So much can go wrong. I am sure others have great endings to their stories. I unfortunately did not.

lawnboy420

As unlikely as it may be, would you be willing to take your sister to court to force her to stick to her end of the deal? If so, get an attorney to draw up a contract and go for it. If not, that’s exactly why you shouldn’t mix business and family.

SomeInternetRando

I wouldn’t buy anything like that with a family member. How about renting instead? I did that with a sibling for a year when I moved out of my parents house.

Sir_ThuggleS

I did this with a friend a while back abs it ended up being one of the best financial decisions I ever made. We made a deal to keep the house for 5 years minimum and would discuss after that, split costs and profit 50/50. Ended up selling after 6 years and turned our 15k each investment into 50k each while enjoying lower cost of living (it was a house and we also had GFs paying rent for most of the 6 years). The. We each got our own places.

morderkaine