Buying a house with son

Grenage

It's all very you and your son thinking that's the outlook, but what if things change. If you go into this sort of arrangement, you'd have to be prepared to sell up and part ways at any moment - usually the least convenient moment.

When I got divorced, I had plans of living the good old bachelor life for a few years, but I bought a place with a new partner in less than two. Plans change.

Ozzuk

This has bad idea written all over it. He's at an age he should be enjoying himself and his freedom - you may have an amazing relationship but I can't think of anything worse than still 'living with parents', irrespective of the financial arrangement.

You should draw up a list of pros and cons, the only pro I can see being to save money, the cons to start you off...social aspect for both of you (friends round/partners), space to do your own thing, decorating preferences, TV preferences, holding each other back, no guarantee house will sell at profit, relationship breakdown.

Might want to find more pros!

fairy_lights

LouK1964 wrote: »

We live in the South of England so property prices here are quite expensive. I did a mortgage calculator last night with Santander who we both bank with and the said they would lend us £100,000. It does look like we would be going for a flat.

100k plus your 17k savings, minus a few thousand for all the legal fees doesn't leave you with a very big budget. Unless you live in a very cheap area I think you'd struggle to find a decent sized 2 bedroom flat for that.

teddysmum

As your son hasn't found a future partner yet, he doesn't know how he will feel when he does.

FBaby

My son has made it very clear to me that if he did meet someone he wouldn't rush into living with them or buying a house with them straight away

I understand the not buying together but living together? Surely if he falls in love, he will want to plan to move in with them after a couple of years at the latest. What if they happen to live further away?

Unfortunately, even without buying with someone else, he might not be able to pay for the mortgage and his part of the rent elsewhere.

There have been quite some posts here over the years from people in the same situation then your son asking what they should do as they can't afford both rent and mortgage, or wanting to buy with their new partner but feeling bad that this means their family member having to go back to renting.

AnotherJoe

A flat in the SE for £120k maximum? Must be a very different bit of the SE to where I live.

AdrianC

AnotherJoe wrote: »

A flat in the SE for £120k maximum? Must be a very different bit of the SE to where I live.

TBF, she did say "South of England", not SE.

Hermia

teddysmum wrote: »

As your son hasn't found a future partner yet, he doesn't know how he will feel when he does.

I also wonder what job he has or whether he might want a career change soon. A big chunk of my friends spent their twenties having to move about for their careers. Unless you live in a city it can be hard to move up the ladder in one place at the beginning of your career.

marksoton

Hermia wrote: »

I also wonder what job he has or whether he might want a career change soon. A big chunk of my friends spent their twenties having to move about for their careers. Unless you live in a city it can be hard to move up the ladder in one place at the beginning of your career.

Or retrain.

LouK1964

Thank you all for the replies. It does seem that this might be a bad idea. I think for the time being we are just going to keep saving and see what the future holds. So much can change in such a short amount of time.

Thanks.