The risks of buying property with a friend

Buying a property with a friend is a great way to pool resources and get your foot in the market.

But it doesn’t come without risk.

I always recommend that if you’re really keen to pursue this avenue, then sit down and have a long discussion. Talk about the hard stuff. What if one of you loses your job? Or is offered an amazing opportunity to live overseas? What if one of you thinks maintenance is needed and the other disagrees? What if one of you gets a partner who wants out? What if one of you want out?

Talk through all the hard stuff, make notes of how you will deal with each instance and take it to a solicitor and get a contract drawn up.

It’s much easier to resolve everything when relationships are good and you have things written in black and white.
#buythathouse