Buying with a sibling

AdrianC

jkl2107 wrote: »

If you don't care, don't comment. Simple. Completely useless post on your part. I'm confused when it became an issue for people to ask advice on things...

Seems to me that the issue is that people are giving (very good, btw) advice which isn't what you're after, so is immediately discounted in a huff.

jkl2107

Not at all...if you read up, many of the posts I have put are me thanking people for their advice and wanting to look into it. I discount posts like yours where it's just unnecessary to even make a comment like that - something that hasn't actually helped at all with any part of my original post. If you have knowledge of this or have been in this scenario (which is what I am after) than I would happily take your advice.

ScorpiondeRooftrouser

jkl2107 wrote: »

If you don't care, don't comment. Simple. Completely useless post on your part. I'm confused when it became an issue for people to ask advice on things... Nobody can ever be 100% sure on something like this. I would imagine there's a lot of now divorced people who thought they "implicitly trusted" their partner for them to turn around and take a huge chunk of their house away from them.

I will do what I think is best by looking into everything that's been mentioned above as well as what I have already discussed with my family which will remain confidential as some of the stuff above has already been looked into/agreed.

Don't assume..."stupid"

If you only want people who care about you to comment, you will get very poor advice.

You are right about the divorce thing. That's the point. The thing is they invested with another person in order to build a life together. They didn't have a lot of choice.

You absolutely have the choice to not do this. If you choose to do it, it will go wrong and you will lose out and fall out with your sibling.

nb73

ScorpiondeRooftrouser wrote: »

You absolutely have the choice to not do this. If you choose to do it, it will go wrong and you will lose out and fall out with your sibling.

Scorpion I don't know that you can say this.

There are examples of siblings ventures going well - look at the Barclay brothers or the Candy brothers.

I would definitely entertain the idea of a property venture with my sister- we have similar views but have developed different skill sets, so there could be synergy.

However there is no way I would invest in her home! Because I would not be happy with the emotional angle that brought. Still, I guess we cannot assume that the OP will find that a problem, just because we would.

ScorpiondeRooftrouser

nb73 wrote: »

Scorpion I don't know that you can say this.

There are examples of siblings ventures going well - look at the Barclay brothers or the Candy brothers.

I would definitely entertain the idea of a property venture with my sister- we have similar views but have developed different skill sets, so there could be synergy.

However there is no way I would invest in her home! Because I would not be happy with the emotional angle that brought. Still, I guess we cannot assume that the OP will find that a problem, just because we would.

Why do you think I have said anything other than it's foolish to invest in somebody else's home? If you think there's anything in my post claiming siblings can't go into business together, please quote it, as the lines you did quote say nothing of the sort.

nb73

Well

ScorpiondeRooftrouser wrote: »

it will go wrong and you will lose out and fall out with your sibling.

is quite a stiff warning

tara747

pleasedelete wrote: »

What happens when you meet the love of your life and want to buy a house together? You may well not be able to get a mortgage as you already have one and even if you do then you will pay 2nd home stamp duty. Will you be prepared to get your sibling to sell their home at that point?

Plus when you sell then you will be liable for capital gains tax as it isn't your main home- unlike your sibling. If you need to claim benefits in the future it may affect that as well. And any rental income may affect you student loan repayments (if you have one)

Person_one wrote: »

Give this really serious thought. In 2 years time, the house won't just be an investment, it will be your sibling's home. They may even have a partner or a baby living there (even if it seems unlikely now, anything can happen, one of my siblings went from single and travelling to married with a baby in less than a year!), the house might be in negative equity, your sibling may be earning less, or unemployed, or unwell, you might be in a situation where you need to free your cash sooner than the 2 years, or where either or both of you can't afford to pay your share, and the mortgage gets into arrears.

Personally, I don't think its a good idea to buy property with anybody that you don't plan/hope to live with forever. Disentangling can be a complete nightmare even with the best will in the world.

OP, are you going to address these (very pertinent) points?

ScorpiondeRooftrouser

nb73 wrote: »

Well



is quite a stiff warning

Yes, if he invests in the sibling's home. It's a not a general warning about doing business with siblings. Read it again.

marksoton

I have to say given the scenario i wouldn't do it in a million years...

nb73

ScorpiondeRooftrouser wrote: »

Read it again.

OK.

Oh, it still says the same thing.

Why are you so certain that there will be a bad outcome?