Advice about moving out of home

Goldust

Hi,

I know this is a very open-ended question but I always seem to get great advice off here so thought I'd give it a whirl.

I really want to move out of home, I've moved out once before and rented but had to move back in with my parents due to ill health.

Now that things have improved, I'm looking to move but I don't really want to rent again and would rather look at buying or a similar option.

My dad is thinking of spending £10,000 on an extension due to the number of people living here at the moment but I want to persuade him to invest in another property in conjunction with me rather than spend 10 grand on an extension when I want out! I just can't afford to buy at the moment on my own due to how much a property costs and he is mortgage free so I want to make a proposal about investment to him.

Only problem is, I don't know how anything like this would work or what I should be looking to do. Is there a way of doing this?

Also, is there a possibility of a crash in the prices of properties in the near future as they seem to have been going up and up for a long time now!

Thanks for any advice anyone can send my way.

Many thanks!

dexters_mum_2

Hi!
You could ask your Dad if he hs ever considered investing in buy to let. Put the proposal to him that you could get a joint mortgage between the two of you.

Say you would like to rent the house from him thus removing the difficulty of finding tennants, he could pay the deposit and you pay legal fees (or vice versa) or go 50/50 down the middle and then when the payment kick in, you'd pay the mortgage plus a bit extra as a pay back.

As a student surveyor myself, I have had literature from RICS about the housing market, they expect a 3% increase next year with prices remaining steady. 2005 saw a minor blip in prices but nothing major. It is expected house prices will rise again over the coming 3-4 years.

HTH
DM