A man faces a dilemma as his desire to move in with his girlfriend and start a family clashes with his existing shared ownership of a house with his close friend. His girlfriend wants to buy a new house, but his friend is unwilling to sell their share, creating a difficult situation.
I’m a 34-year-old man, and about four years ago, I bought a house as 50 percent tenants in common with my close friend “Jae,” who is 36 and nonbinary. At the time neither I nor Jae had ever had nor expected to have a serious romantic relationship, so it seemed like the only way either of us would ever own a home. Two years ago, however, I met and started dating “Elle.”
Would Jae be open to a renter? A roommate might help offset some of the financial burden. You could rent out your share of the house and use the rental income to help afford a new place. This might be a temporary solution, though, and it wouldn’t solve your down payment problem. And, of course, Jae might feel uncomfortable living with a potential stranger.
In an ideal world, you and Jae would sell the home and split the equity. I get that Jae is super attached to this house and probably feels it’s unfair that they have to leave. But show them the imperfect alternatives. They might agree that this is the most straightforward solution. It’s also important that you talk through this with a financial advisor. They can help clarify your options and help you find the best solution for everyone involved.
Given that you both own property, it might make sense to keep both homes for now. Renting out your house seems like the most reasonable option, but if you’re worried about the tax implications, a financial planner can walk you through that, too since the laws may vary depending on where you live. This option would give you the time to think about what you want to do without making the drastic choice to sell your home—especially when your mortgage rate is low.
My sister is one of those obsessed dog owners who has to bring her dog everywhere and even bought a fake service dog vest. I had repeatedly had problems with her bringing her dog despite my pleas to leave it at home. My family sides with my sister and just shoots me down.
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