Looking to buy a property with friends

Brock_and_Roll

Don't do it.


Whilst all your life situations are currently aligned, as sure as night follows day this will change - whether jobs, girlfriends, children etc etc etc.


Much better to rent a "men behaving badly house" and save for your own deposit for when you have had your fill of fun!

Beans27

Hi - I bought a house with a friend, was great fun for a couple of years. 5 years down the line when one of us wanted to move on and the other didn't was the issue. After a lot of arguing and ill feeling on both sides, we have only really rebuilt our friendship now 10 years later. Suggest renting with friends, much easier and less emotion involved!

Pixie5740

You're 24 now, will possibly be 25 when you eventually complete the purchase. How many years do you envisage owning this property with your two friends assuming you can find a lender who will give a joint mortgage between 3 people.

thermal2844

Disaster in 3...2...1


Seriously, this can only end badly.

PasturesNew

The problem is ... you'll realise how annoying the others are - cleanliness, nicking your food, paying their share of the bills, inviting friends over, loud friends, beer nights, random dolly birds in the kitchen in the morning, randomly move their gf in (who nobody ever liked anyway) .... then one gets a job elsewhere or loses their job ....

.... and one of the others might just think they can "walk away" from it by saying "Just keep my bit I don't want anything for it, I can't afford this" .... etc etc etc

It isn't the choices you can make - and the hoops you have to jump through to get a mortgage - and how much lovelier a 3-4 bed house will be than a studio/1 bed flat.... the fact is, you will rue the day you ever got mixed up with XYZ (insert most annoying friend's name here) .... but you'll be STUCK with it and hating them ... while they breeze through and don't see any problem with them moving their gf in, while signing on the dole and working cash in hand and having mates over to smoke dope while you're at work in the day (who then eat all your best/special expensive food as they had the munchies and don't see a problem, it's you mate, you're tight!) .... before swanning off abroad "I've heard grape picking's fun" and saying "just rent my room out or something, I don't mind"....

People .... can be really annoying.

getmore4less

Start with discussing the exit strategies it will soon become apparent if you are on the same wavelength on those when you try to write them up.

Think of it as 2 totally separate situations that happen to be in the same house.

1. An investment property where you each own a share and pay the costs of purchase(deposits mortgage insurance, maintenance etc.)

Run through all the scenario where one or more wants out, things like buy out options, deaths, cant pay won't pay read the threads on here of all those joint purchases that have gone wrong.
do you want to build up a slush fund for costs or PAYG

2. A house share where you share the running costs of living in the place.

again scenario,
guests when and how often, any contributions,
moving others(additional) in like partners permanently how do the costs change,
Can you substitute someone if you want to move out, if you don't do you still pay running costs etc.
can't pay won't pay

these are the harder things to work on the finances and exit share are the trivial bit

Probably a good Idea to rent a place together for 6 months, if that does not work you don't want to be buying together.

sheepy21

Read this thread, exactly why I said above it would be a disaster

https://forums.moneysavingexpert.com/discussion/5849750/buying-a-friend-out-a-mortgage