Yes, you can buy a house for someone else, but it may not be the best option for you or the other person.
If you want to provide a worry-free home for another, then there are choices that might be financially and legally more appropriate.
Can friends buy a house together?
If you decide to buy a house with a friend, the mortgage lender will base approval on your combined income and the average of both credit scores. This increases your financing opportunities, and with two people splitting the down payments and closing costs, you spend less money out-of-pocket.
Can you buy someone a house as a gift?
As of 2018, IRS tax law allows you to give up to $15,000 each year per person as a tax-free gift, regardless of how many people you gift. Lifetime Gift Tax Exclusion. For example, if you give your daughter $100,000 to buy a house, $15,000 of that gift fulfills your annual per-person exclusion for her alone.
Can someone else buy my council house for me?
No. Only the tenants can apply to buy a house under the Right To Buy. A lender would not give you a mortgage for a property in someone elses name. Your parents getting a mortgage is not out of the question, plenty of people in their 50’s manage to do it when they want to move house as their needs change.
How do you split a house with a friend?
In a joint tenants with rights of survivorship (JTWROS) structure, you and your friend would have equal shares in the property — a 50/50 split. This title structure differs from the TIC in that in the case of one co-owner’s death, the deceased party’s shares will be automatically absorbed by the living co-owner.
Is renting a house with friends a good idea?
Moving in with friends can be a great idea, but you need to be clear how the practicalities will work out. Your rights will be very different if you move into your friend’s place as a lodger or subtenant, than if you have joint or separate tenancies in a shared house or flat.
Can you share a mortgage with a friend?
If you own your property as joint tenants, this means that it belongs to you and the other owner jointly. You can’t re-mortgage or sell the property without the agreement of the other owner. You can give away, sell or mortgage your share, so most people buying together as friends opt for this route.