Buying a flat alone or with a friend?

sheepysheep60

Hi,

I'm a 28 years old and have enough of a deposit to buy (with a mortgage) quite a nice flat around London I can live in, with a spare room to let out.

One of my friends recently asked if I'd consider buying somewhere with him. My immediate thoughts were:

- we would have a higher budget
- we could share the work of house buying
- we could work together to make the house we live in nicer / more valuable

And this all seemed like a great idea and I was quite excited at the prospect. Then I spoke to my dad who basically said the only thing I shouldn't do, ever, is... buy with someone else. I know what he means, he wouldn't be able to buy out my part of the house (my deposit will be significantly higher) and chances are I wouldn't be able to buy out his share of the house, so any change in circumstances will either lead to one of us letting out the room we live in, or selling the house.

Basically, I was just wondering if the Money Saving Expert forum members had their opinions to throw in? Should I be trying my best to not buy with someone, or should I be leaping at the opportunity?

Thanks!

Dave

Vazz_2

I would consider, what would happen if:
- one of you lost job/income, decided to live abroad/marry
- you fell out and stop being friends
- one of you deciding to sell and other wont agree
- this list can continue..

kBHX

I'd recommend buying alone. Purchasing a property with a friend is a massive commitment to make. Circumstances do and often will change especially at your age.

CLAPTON

no brainer

buy on your own

BitterAndTwisted

I agree with your Dad. Buying property with someone who is not your life-partner can be a recipe for disaster. Why risk it if you don't have to?

rrtt

Sorry, but I think your Dad is right

I've met some ace people renting, letting and sharing who have become close, long-term friends.

Unfortunately I think there's huge potential for people who are already close friends to fall out and become the opposite in ventures such as you have in mind ... on the grand scale of possible life events, what if one of you develops a health problem (esp mental health or addiction) and stops meeting the mortgage repayments as a result? Or wants the new love of their life to move in along with a crying baby? On a lesser scale, you might find that you're just not compatible when living together re possible issues such as noise, cleaning, sharing the hot water system (this was by a considerable distance the most argued over thing in over 15 years of sharing, in my experience - much more so than noise, surprisingly).

Could be like a marriage but without the good bits I'd give it a huge swerve - but everyone's different of course.