Knowing how to buy a house from a family member is a great way to be ready to jump into home ownership. While this type of real estate transaction has specific requirements, it has the potential to both save you time and money throughout the home buying process. Be ready to seize the opportunity when your relative puts their home on the market.

It’s important to consider both the pros and cons when buying a house with a friend. While you can save money and build equity faster, you might run into some unforeseen stresses, both financially and in your relationship with your friend. Consider whether buying a house with a friend is right for you.