Buy a house with brother? (Not live there).

tomprice

Hi,

My brother (age 30) who has rented a place for many years is looking a house of his own. He's in an 'OK'? position with a decent deposit (10k) and earning 25k a year. House prices around here are about £100k for what he is looking at.

I'm 23, got about the same deposit and earn a bit less. I don't plan on wanting a house right now but know i will soon. A few people have said 'why don't you buy together'.

Now we don't want to live together, i'm happy at home for the minute but in some ways it would seem a rather decent idea.



Does anyone have any advice or opinions on this kind of set up and how it would work etc?

Sorry the info is a bit short, it's just a few people have said buy together and i just wondered how exactly it would work.

Look forward to your responses.
Thanks.

tanith

Lots would depend on wether your brother is thinking on the same lines as you.. and if he would want to sell again further down the line seeing as you actually don't want to live together... it might be good as an investment for you and help both of you onto the housing ladder and mean that neither of you would be bearing the costs alone... it could be benficial to both of you.. I am sure there will be other benefits to yourself seeing as you won't actually be living there then you would need some kind of recompense for your brother having the added advantage of a place to live... Not sure that makes sense but I know what I mean:rotfl:

Doozergirl

Unless you plan to live together forever, I can't see the point. Is he going to pay you rent on your part? Who buys the new kitchen if it's only him living there? It's just stress.

It sounds like he can just about afford a place himself. You won't be far behind. You won't see any benefit from big price rises.

Assuming you both plan to find partners, marry, have kids then I'd plan to buy in line with life, not just because others think it's a good idea.

bluejake

tomprice wrote: »

Hi,

My brother (age 30) who has rented a place for many years is looking a house of his own. He's in an 'OK'? position with a decent deposit (10k) and earning 25k a year. House prices around here are about £100k for what he is looking at.

I'm 23, got about the same deposit and earn a bit less. I don't plan on wanting a house right now but know i will soon. A few people have said 'why don't you buy together'.

Now we don't want to live together, i'm happy at home for the minute but in some ways it would seem a rather decent idea.



Does anyone have any advice or opinions on this kind of set up and how it would work etc?

Sorry the info is a bit short, it's just a few people have said buy together and i just wondered how exactly it would work.

Look forward to your responses.
Thanks.

I think a lot depends on whether you think house prices will increase or fall. If they fall your investment will be worth less and you will be on a housing snake rather than a ladder. If you think house prices are going to keep going up and up like they have done in the last five years then it would be a good investment for your money assuming all the other details are right.
Personally, I think the days of house prices doubling are over for a long time until incomes catch up.
To summarise you are not looking for a place to live what you are asking is this a good time to make a financial investment in housing? I would say no.

samihostan

Doozergirl wrote: »

Unless you plan to live together forever, I can't see the point. Is he going to pay you rent on your part? Who buys the new kitchen if it's only him living there? It's just stress.

It sounds like he can just about afford a place himself. You won't be far behind. You won't see any benefit from big price rises.

Assuming you both plan to find partners, marry, have kids then I'd plan to buy in line with life, not just because others think it's a good idea.

yeah, it is a bit tricky. i totally agree with doozergirl

sami hostan.