Is it a good idea to buy a house with someone?
What’s good about buying with someone
The main benefit of buying with someone is that when you go to get a mortgage they will take your combined salaries when deciding how much they can lend to you, so if you both work you’ll be able to buy a more expensive house. Also, if both of you have some savings to put towards a deposit you might only need to have a smaller mortgage, which leaves you with smaller monthly costs.
What to watch out for
It all sounds great doesn’t it? You might think that is the case, but circumstances do change, couples break up, friends fall out and even siblings have disagreements. The best thing to do here is to seek independent financial and legal advice to make sure you work through all eventualities. It’s not fun, but it might save you some headaches in the long run.
Want to read about other alternatives to buying a home with a mortgage? You can find out more here