Buying a house with a stranger

aav

Did you watch that programme on BBC 1 on Thursday called Bying a house with a stranger? I want to know what you think, is it something you would consider?

Now I am only 20 and still a student but don't imagine to be able to afford a property on my own until I am at least 30.

From seeing the programme it has made me think it might be a good way to go in getting a property of your own before you reach 30. It is something that I am really considering. Oviously I won't be doing it until I have finished my studies but its best to start looking into it from now.

Has anyone does this beofre? Did you have a good experence? Would you remommend it? Any help would be great. Also if anyone has any website to do with this that woould be great to.

stanmoresaver

I am not being funny but don't you know anyone in the same position who you could share with, or maybe someone who wants to invest but not live there-

Got to be better than sharing with a stranger!

buying and then selling on costs significant money and what if you want to sell on but the other doesn't-bad eough with friends or family.

SS

MortgageMamma

I think buying a house with a stranger is a ludicrous idea. There's so many weirdos around these days. in my student times I house shared a lot, an the other people got on my nerves (but I am grumpy and antisocial) luckily I could move away at the drop of a hat. What if you ended up living with someone you could not move away from who made your life hell?

Spendless

I wouldn't Mr spendless did this when the last property boom happened. The bloke he lived with did a midnight flit leaving hubby with the house. It was repossessed and sold after the houses went back down leaving hubby with a huge amount to pay back. he eventually did so but it affected his life for many years. 20 is young, so what if you're 30 before you can buy alone. Alternatively get a lodger but not someone you don't know on the mortgage.

meanmachine_2

Hey I always do what I see on the TV.

I went to the Aussie jungle and ate testicles for two weeks. Well, if it's good enough for celebrities...

To the OP, no mate. It's a ludicrous idea. It's called entertainment. It's all about two people being thrown together, much like they bung 12 strangers into a house during the summer and call it television.

First it was property, then it was parenting, next it'll be transvestism...and so it goes on...

These types of shows, 120% mortgages, shared ownership etc are all signs of bubble mentality. Best steer well clear, build your career, then buy when you're a bit older.

Wickedkitten

its not just telly



sharedspaces.co.uk


There's no way in hell I would make that kind of commitment with someone I didn't know.

lynzpower

Not a hope in hell I would even share a fixed/severably liable tenancy agreement with someone I didnt know, certainly not a mortgage. The one on thursday or whenever it was I saw, just looked like PURE STUPIDITY from both of them, with this "idea" that is better to be on the property ladder than not. NOt a chance Id do it, but Id never want to buy a house so desperately I would be dumb enough to consider the idea.

MortgageMamma

When you think about it couples that have been together years can cohabit and discover they can't stand eachother pretty quickly. What chance do two somebodies who don't know eachother have? Imagine pulling someone elses hair out of the plughole when you clean your bathroom!! urgh!

SharedSpaces

I cannot disagree with much of what has been said in this thread. Anything can be risky if you don't take the appropriate precautions. You would not cross the road with your eyes closed and you should never ever consider buying a property with someone else (friend, family member or someone you meet through SharedSpaces) without taking the appropriate precautions.

Don't buy with a 'stranger', buy with 'someone you just don't know yet'. Everyone in your life (aside from family) came under this heading at some point. How long did it take to become friends with everyone you know? What was it that brought you together? An interest in the same football team, the same studies, hobbies, interests, holidays? The first rule when co-buying is to take as much time as you need to ensure that the person you are considering buying with is NO LONGER a stranger. (Remember the TV show is just entertainment, it is about as far removed from us as The Reduced Shakespeare Company is from the bard's original plays).

This is just the first of many things that we suggest on our website for ensuring a successful co-buyer relationship. The result of which will mean those buying together can multiply their buying funds to buy something much larger than they could have afforded alone, divide all their costs of purchasing and running a property so they can afford a better standard of living for themselves, and they will be able to climb up onto the property ladder years earlier than they would have been able to on their own.

Richard

lynzpower

So sharedspaces.co.uk

Would YOU ever buy a property with someone you met for 24 hours like these idiots on telly? lol :money:

SharedSpaces

I knew that question was coming which is why I amended the response above to include the comment '(Remember the TV show is just entertainment, it is about as far removed from us as The Reduced Shakespeare Company is from the bard's original plays)'.

Of course I would never dream of buying with someone I had only met 24 hours earlier, it's a TV show, and they put people through Hell in the name of entertainment. What could be more stressful than buying your first home? so lets give them just 3 people to choose from and 3 properties to select from, and tell them they are on the clock..... It makes for train wreck TV, you just expect it's going to go horribly wrong and you'll watch just to see it happen. Actually a surprising number, because of these circumstances, of the episodes ended in success. Varying degrees of success, but success non the less (I watched the whole series of 10 episodes shown at the end of 2005 on BBC3 whilst researching my business (only 6 of these are being shown on BBC1)). The last episode with the girl who went off to Sandhurst was the worst of the lot.

Richard