Co-Buying a House: How Platonic Partners Make It Work
This article was first published on NerdWallet.com.
Seven years ago, Phil Levin and his girlfriend, Kristen Berman, pondered a common question: Should we move in together?
Levin assumed they’d take a predictable path and find a more affordable apartment outside of pricey San Francisco. But Berman, a behavioral scientist, shared her reservations about leaving their friend network – and some facts to back it up.
“All the behavioral science research shows that that’s one of the worst things you can do for your happiness,” Levin says.
Instead, the couple rented a Victorian-era mansion in San Francisco’s Hayes Valley neighborhood and invited nine friends to move in. Today, they co-own a multiunit property in Oakland, California, called Radish, which houses 17 adults and two infants.
It took some effort to find the right property and figure out finances. But the now-married couple couldn’t imagine designing their life — or raising their daughter — any other way.
“Being able to have this extended family of ‘aunties’ and ‘uncles’ close by has been wonderful,” Levin says.
Many co-buyers operate on a smaller scale. But no matter the size of your group, co-buying requires extra planning and paperwork. If you’re willing to get vulnerable about your finances and long-term goals, the payoff of companionship can be worth it.
Keep an open mind
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