Buying or renting a property with friends or family always seems like a fun exciting concept. However, realistically there are a few things to consider before you start the process.
- They are an affordable way to enter the property market.
- The deposit required for shared ownership properties decreases for each person to about 5%
- You can combined shared ownership with a joint owner.
- You may end up selling at a time that you don't want to due to the other person's financial situations changing
- As you are in a financial agreement with another person/s, if the financial situation changes for one person your relationship may turn sour
- Until you own 100% of the property, you are treated as a tenant in law, which could mean you could lose your property if you do not keep up with the rental payments