Harry Gross: Co-owning home when unmarried: Good or bad?

D

EAR HARRY:

I have been with my boyfriend for about two years. I moved into his house during the summer. I own a condo in Philly that I am paying a mortgage on, plus my condo fee. He lives in the suburbs. We have looked for a house to buy together, but just haven't found one. We now are discussing the possibility of my becoming half-owner of his house, which he says I'd have to buy into. Is it a good idea to buy a half-interest in his house? It needs quite a bit of work to make it really nice. He has two kids; I have none. I would like to rent my condo, which should be no trouble. Should I put his name on my condo? We have talked about marriage, but there's always something that makes us hesitate. Or should we continue to look for something new?

WHAT HARRY SAYS: My preference is to find something new, but that may require him to sell his place in a not-so-hot market. There is nothing wrong with buying into his place. Make sure that his valuation is fair. Sharing ownership when you're not married is a ticklish form of ownership. Make absolutely certain that you are protected at every step by having a lawyer at your side. Since your condo is so desirable, rent it. I see no reason to have him own a share of it. Good luck!