buying-with-friends homefamily property Virgin Media

Itching to own your own place but you can't afford to? More and more people are turning to friends to help them buy their first home. Co-ownership enables you to afford a nicer place or make savings by sharing the costs.

Over the last few years, estate agents and mortgage lenders have grown more familiar with the idea of sharers buying a house together, so there should not be many practical difficulties. Even so, the process is a little more complicated than it is for single people or couples.

Pros

According to National Savings and Investments research, it now takes first-time buyers a year longer to save for a house deposit than 10 years ago. In response to this, Firstrungnow.com says more than 1 in 10 first-time buyers are buying with their mates.

Indeed, it can be a fantastic way of increasing your deposit and affording somewhere much nicer than you would have done on your own – assuming you could have afforded to buy at all. Buying, rather than renting with friends, will put a stop to lining a landlord’s pockets and allow you to put your stamp on the place.

There are many costs associated with buying a home; legal fees, surveys, not to mention stamp duty. If you are buying with someone else all these will be shared.
If you are buying with friends, as opposed to a stranger from a co-buying property website, at least you have a good idea of their foibles and habits and, presumably, you enjoy spending time with them.

Find out the cons on page two...