9 daughters
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Read this forum long enough and you'll find plenty of examples of just how bad of a nightmare this can turn into. What happens is one of the friends moves on. He/she still owns half the house but no longer pays part of the mortgage. The remaining person is faced with paying both halves of the payment or losing the home to foreclosure. You can't sell either because it takes both signatures and, for whatever reason, the other person often is unwilling. The bottom line is nightmare is a fairly accurate term. |
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Max Power
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this very rarely works out ,take your parents advice and steer away from this one |
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sammie baybee :)
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it is very bad to buy a house with a friend.
and i suggest you not do it, |
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Janet P
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This is a very bad idea. Your friendship will not survive it, and your bank account will take a beating. |
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WelshLad
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Personally I think it's bad idea. |
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gilly g
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I wouldnt recommend it. soon enough one of you is going to get a girlfriend who you'll want to live. It's inevitable. the other one will be forced to move out of their home.
You risk your friendship and your cash.
Also it's a terrible time to buy. the property prices are plummeting and the rates ( though a bit lower) are still very high.
The best compromise is for one of you to buy and the other to rent a room. |
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lmv7667
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YES!! You might want to rent an appartment fist and see if it works out. I wouldn't get a mortgage so soon. |
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Sims2Player
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Yes, it's a bad idea. I had a friend who did just that -- bought a house with a different friend. After a while, they didn't want to continue living together. She moved out and he ended up buying her share from her, but not until after she had gone to court to fight it out with him.
I suggest that the two of you just rent a place together that is closer to both your jobs. Far easier in case you or the other person decides to move. But if you do sign a rental lease together, if you or the other person decides to just up and move remember that you are still responsible for your half of the lease as well. |
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D
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Yes. |
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sunny_1_
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Check out Lemonhead's problem - she has an 11 year old son with her mate and they bought a house together 2 years ago...Now the relationship is over and he refuses to budge.
I say it's not a good idea unless you get married first or just one of you purchase the home. I wouldn't recommend getting married just to buy a house either. |
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quizzard123
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Bad idea, as you can see from every single answer you've had.
If you really want to persist in this, you need to speak to a real estate lawyer, who could conceivably (it depends on your financial positions) draw up a partnership agreement that sets out IN COMPLETE DETAIL what each of you is obligated to do in various situations.
For instance, a common business agreement for a partnership is called a buy/sell agreement. It sets out that if one partner wants to buy the other out, he/she makes an offer to the other. That other partner either agrees to sell for that price, or turns the offer around and BUYS for the same price. You can see how that guarantees a fair price.
But unless each of you is in a position (and will be 1, 2, or 10 yrs down the road) to take on the whole cost of the home, it is still pretty risky.
Not to mention that this is a very easy way to destroy a friendship.
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COLIN T
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It is a short cut to financial disaster! A mortgage is a very long term commitment. very few friendships last long term. Listen to your parents on this one. |
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Couldn't be better, thank U
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HORRRRRRRRRRIBLE idea. IT's a good idea if you want to watch your relationship fall apart (-:
Greetings from Iran |
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maxmom56
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Yeah. It would be a nightmare. That's really the biggest problem. What happens if you guys fall out or one has to/wants to move/sell or one loses his job and can't pay his share. You should have these problems thought out and put in writing and signed by both parties before you purchase. |
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