The Power of Two
O, The Oprah Magazine | From the Summer 2006 issue of O, The Oprah Magazine
What's Your Exit Strategy?
Before you move in together, you need to know how you'll end your housing relationship. Let's say one of you decides to take a job across the country. Or the other meets the love of her life. Or there's a major falling-out. Be sure to ask your lawyer to draw up an agreement spelling out what will happen if one of you decides to move. Will you both sell and split the proceeds? Will the partner who's leaving allow the other a grace period to come up with the cash to buy her out? How many months' notice must be given?
This is a touchy topic—the reason you're buying together in the first place is because neither of you can afford to go it alone. What's the game plan for a split-up?
I think you get the idea. Doubling up can be a terrific way for you and a friend or relative to make the dream of owning a house a reality. By working out the potential problems before you buy, you can make sure it will be home, sweet home, for both of you.
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