Buying a property in the W10 area with someone else
When you decide to buy property with someone else, there are a number of things you need to consider and buying a home in the W10 area is no different. There are many advantages to buying property with someone you know, this mainly being that you only have half as much to pay but you still end up with somewhere to live and some property to your name. What should we think about before we buy property together? The first thing you should do is make sure you both want the same things, sit down and discuss exactly what it is you want, consider the following questions: • How long do you think you could potentially be living together for?• How will you finance the purchase of this property?• What kind of house do you want? Consider size, location, etc. • What would happen if one of you wanted to either move out or sell their half of the house?• What would happen if either of you started dating and wanted your partner to move in?• Do you both agree to have all of the correct legal documentation in place and if necessary sign something like a declaration of trust or a co-habitation agreement?What are the benefits to buying a property with someone I know? The costs of the house are completely shared, this includes sharing the costs of: • The deposit that you might need to pay down on the property. • The monthly mortgage repayments on the house which should include any fees charged byt the mortgage provider to set it up. • Any other fees that were included in the securing and purchase of the property, including stamp duty, solicitors costs and surveyors.• If any repairs or modifications are required to be carried out on the house these too will be shared unless the damage was caused by one party and therefore both partied hold that one party responsible. This includes things like DIY, decorating, installation of things like central heating or new windows, and things like extension etc. • All of the bills (unless pre-agreed) will be shared, including things like the electricity and gas, and telephone, television, internet etc. Property is an investment, even if you both move out and decide to sell the house, it will prove to be beneficial.What are the drawbacks to owning property with someone you know? Because you are friends it may be difficult to keep on top of the finances, who has paid for what and therefore who owes what to who. You need to be strict with this, regardless of how good friends you are. If your partner/friend is not open about their finances and actually cannot pay the bills, then you and your credit score will suffer when there are late payments. You both need to agree to be as open about finances as possible, and you should consider both paying into a rainy day fund in case something were to happen that means you struggle to pay the bills on time. If you buy a property by yourself you decide when it is time to sell up and move to another home. When you have invested with someone else, especially if you consider this person to be a friend, then you may not feel as comfortable selling the house or even moving out and renting out your space, you may feel more tied to the property. If you do move out but don’t sell your share of the house, you may find that necessity makes you become a landlord, which means understanding your duties as a landlord, advertising the room and basically creating work for you that you don’t particularly want.