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Can 3 people buy a house?
With the property cost on the rise, my friends and I have decided to pool our resources to buy an investment property. Is it possible to co-own a house between three people?
Tiffany Leung · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Thank you for your question—that’s a smart plan to overcome the rising costs!
Yes, 3 people can buy a house together—this is known as a joint mortgage. In fact, it’s estimated that over 25% of the homes sold in 2021 were bought by co-buyers!
Here are two ways co-ownership can work:
- Joint tenancy: divides the ownership equally between the co-owners, regardless of the investment amount of each owner. Co-owners cannot choose a beneficiary for their share and the surviving co-owners get to divide the shares equally. However, any of the co-owners can sell their shares without needing consent from the others.
- Tenancy in common: The percentage of shares per co-owner is allocated proportionally by the percentage invested into buying the property. While all owners have equal rights to use the property, they cannot sell the home or their shares unless all parties are in agreement. If one of the owners passes away, they can leave their share of the property to any beneficiary of their choice.
Regardless of which co-ownership you choose, don’t forget to find affordable home insurance to protect your property. We know that shopping for the best price and coverage could eat up a lot of time, which is why Jerry can do it for you.
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- Gregory R.
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