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Steve - home sharing Co-Buyer - UK
I bought a 3 bed flat in Crouch End, North London with 2 other people. Before co-buying I was living in rented accommodation, but rather than pay money to a landlord it made sense to buy a property and pay off the mortgage instead. Co-buying was an affordable way to join the property ladder in the expensive London market - splitting the deposits and repayments into three made the venture financially viable whilst buying a property by myself was not.
Co-buying with two other people was a very simple process and the added bonus for me was that it allowed multiple people to read through contracts, source best rates, identify potential properties and all the other daunting tasks that face you in buying a property – in short, it was reassuring to know that I wasn’t doing it on my own!
Obviously if you are buying the property to live-in, instead of as a pure investment, then the same considerations with regards to living with your co-buyers needs to be thought through as they are when renting with others. But if you are comfortable with the individual co-buyers then there really shouldn’t be any major issues.
We currently live in the property but because the house has already accumulated a significant increase in value in under two years we are now in the position where we can take out capital on our co-bought property to purchase separate properties. We plan to continue renting out the current house as a medium-term investment.
If you’re thinking of co-buying a property to live in with your co-buyers, I’d suggest the following considerations:
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Make sure you understand the buying process in-depth from start to finish before beginning the project.
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Find a mortgage provider that offers attention to detail and exceptional customer service as well as low rates.
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Ensure that you are able to live happily with your co-buyers.
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