To buy or not to buy with friend...?

Beyonce_2

Hi,

I am new to this site, and am in need of some advise. I have a flat that I am looking to sell and will most probs get £120k for this. I would like to buy a 3 bed house, and am considering taking up an offer with a good friend to go halves. She does not have enough money for a depoist to buy as yet, and is currently saved approx £30k. Is it wise to buy with a friend, and would should I consider? Any advise is appreciated.

chickmug

No matter how good the friend it can often has a bad conclusion. I have seen this many times over many years sorry. Even seen it when members of the same family go halves and then fall out. Not husbands and wives but brothers/sisters, children with parents, etc.

Beyonce_2

It would be piece of mind and security for me if I were to do this. My dad told me the same thing as Chickmug

before_hollywood

what i am planning on doing is buying my own house and renting a room out to my friend.

she is under no illusions she is the lodger and i am the landlord

chickmug

before_hollywood wrote: »

what i am planning on doing is buying my own house and renting a room out to my friend.

she is under no illusions she is the lodger and i am the landlord

My - you sound bossy:p

But you have the right idea providing you really do know your friend. I thought I knew one of my friends when I went into a business partnership with him. I broke it a few years on as he wasn't the person who I knew as a friend - he turned out bone idle:mad:

Beyonce_2

That is a good idea too. Reason I was considering it was for piece of mind and security and I will be doing this by myself which is quite daunting at first. I cant seem to figure out few things like if she wanted to sell, percentages etc

Beyonce_2

before_hollywood wrote: »

what i am planning on doing is buying my own house and renting a room out to my friend.

she is under no illusions she is the lodger and i am the landlord

Who would your friend be paying the rent to?

lostinrates

Beyonce wrote: »

Hi,

I am new to this site, and am in need of some advise. I have a flat that I am looking to sell and will most probs get £120k for this. I would like to buy a 3 bed house, and am considering taking up an offer with a good friend to go halves. She does not have enough money for a depoist to buy as yet, and is currently saved approx £30k. Is it wise to buy with a friend, and would should I consider? Any advise is appreciated.

How old are you both? If its to proved somewhere secure for you both to live in a ripe old age it could be nicer than living alone. he log in name of 'Beyonce' some what suggests this might not be the case though!

If you are young then life can have many twists and turns. How would either of you cope with the other moving a partner in who the other doesn't get on with? how are profits or losses divided if you sell or want to buy the other out? How are decorative/maintainance decisions reached and with what priority...for example, if the roof ''needs'' minor attention do you both consider it the same priority, can you each lay your hands on equal pots of money to over this sort of thing?

I don't think its impossible but I do think its very, very complicated. I love my two best friends very dearly, and lived with one for a while, but I wouldn't buy a house with one of them! An investment property might be a different proposition, but not a home.

chickmug

Thinking on a bit more it is like going on holiday with friends you have had for years. I remember we did and shared a villa but my goodness never again. Same problems as lodger/shared buy.

Also just thought of old neighbours who bought together as they used to work together. They were male and female and in their fifties so set in their ways. Lovely couple who we got on with great but only when we talked to them separately. They ended up not being able to sell, couldn't agree on the price, and living in the same house but not speaking.

A 3 bedroomed semi but with rota times for the kitchen and bathroom agreed and posted in the kitchen. Even the fridge had bits of cardboard in it to seperate his and hers. So laughable but and so immature but was true

Beyonce_2

lostinrates wrote: »

How old are you both? If its to proved somewhere secure for you both to live in a ripe old age it could be nicer than living alone. he log in name of 'Beyonce' some what suggests this might not be the case though!

If you are young then life can have many twists and turns. How would either of you cope with the other moving a partner in who the other doesn't get on with? how are profits or losses dived if you sell or want to buy the other out? How are decorative/maintainance decisions reached and with what priority...for example, if the roof ''needs'' minor attention do you both consider it the same priority, can you each lay your hands on equal pots of money to over this sort of thing?

I don't think its impossible but I do think its very, very complicated. I love my two best friends very dearly, and lived with one for a while, but I wouldn't buy a house with one of them! An investment property might be a different proposition, but not a home.

Yes, my real name is Beyonce, and have been teased by this plenty of times!!! I am now used to it!!! Lol!

I am 29, and my friend is 26. I live with my mum who doesnt work, so I have always paid for bills, mortgage - which is now paid off. I worry that something could happen to me, and the house could be taken away...where would that leave my mum...

My friend and myself have spoke of costs such as bills, and agreed they would be split into 3 (me having to pay on behalf of my mum and myself), so I guess repairs and maintance would also be split into 3.

As for the equal pots of money - this is where Im lost!!!

Beyonce_2

A 3 bedroomed semi but with rota times for the kitchen and bathroom agreed and posted in the kitchen. Even the fridge had bits of cardboard in it to seperate his and hers. So laughable but and so immature but was true[/QUOTE]


That would be my worst nightmare!!!

I have have been on holidays with my best mate, and she currently has lived with me for the last month, and I am happy she is staying. But as u said - anything can happen...