
Buying a condo with my best friend?
My best friend and I have been renting a room in residence in February for a year, and we like to live here and are thinking of buying the condo together (which would be co-owners). We split the mortgage payment each month, we split the rent now. My question is if she decided she wanted to leave, but I did not want to move, what would happen? Am I stuck paying the mortgage on a condo with 2 rooms despite all I need is a bedroom? If a one-bedroom condo was available in the building, which let me move there and adjust my mortgage to a cheaper condo bedroom? My best friend is the only person who will want as a roommate, so if she moved out, I would not get another partner fourth, so please do not suggest that
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You buy it you own it. If she decided to move, both remain responsible for the mortgage. She could want you to buy her out. You may want to review. Moving to a smaller unit? You are still bound by the mortgage on the two-bedroom. They will not to change. Probably would have to sell the largest and initiate the purchase process again with the smallest unit. Do not. If you decide to buy. Buy the unit smaller for yourself.
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