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Clubbing together for co-ownership what to consider

February 17th 2015
By: Melanie Hollidge

More and more it isn’t just families or couples buying their own homes. Increasingly, groups of friends are clubbing together, saying goodbye to shared rental homes and buying somewhere to live together instead. They have realised they could be paying broadly the same amount – or even less – in monthly mortgage repayments as they are currently shelling out in rent.
 
If this is something that you are considering, probably the most important thing is to find a prospective co-owner that you trust and get on with.
 
Agreeing on the criteria for your property is the next step and drawing up a checklist is never a bad thing, it might include:

-Maximum price you are prepared to pay, and how much each of you will contribute.

-Will it be an equal split, or will each co-owner bring a different sum?

- What kind of property do you want, a flat, a house, detached/semi, period or modern?

- Living space. How many bedrooms your property will need. Are you happy to share reception rooms?

-Outdoor space. Consider parking. How many cars do you have between you?

-Location. Map out the area within which you are prepared to live.

If you still agree on enough, take professional legal and financial advice. Home-sharing may be a great solution right now, but do try and think ahead a bit too. What happens if one co-owner decides they want to move? What if you fall out? How will you share the day-to-day maintenance and bills?

If you would like more information about property sharing then why not pop into your local branch of Goodfellows for a chat and a coffee or call our team on 0208 687 0077.