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.Buying, rather than renting with friends, will put a stop to lining a landlord’s pockets.
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...
