Buying a house with my brother

[Whippet]

This is the only way I'm going to be able to get into the market. My bro and I have decided to buy a house together, live together for 5 - 6 years then go our separate ways.

Anyone done anything like this before or know anyone that has? Just wondering if there is anything I need to be aware of & if it really works to set both parties up to get their own home.

[FiveInTheBed]

i've heard lots of families are having to do this.
Don't have any suggestions...just wanted to let you know you are not alone.
Crazy prices out there!!!
I'd probably go to a solicitor and have something drawn up just incase. (you know re payments etc)

I think it's a great idea - good luck!!

[Larski]

Great idea. Just thoroughly - thoroughly - discuss all different scenarios and work out solutions and get the Solicitor to put these into a contract between you eg.
What happens if one of you gets into a relationship and wants a partner to move in? (I dont know your circumstances so sorry if this is a stupid comment)
What happens if one of you wants to break the agreement early and sell up?
What if you get to the end of the agreed time period and the market is really slow and one wants to sell anyway and the other wants to hold onto it?
What if one of you dies?
If one of you becomes unemployed?
If any renovations need to be done, how will these be paid for and who decided what is done?
If either of you cause any damage to the property do you both pay for the repairs?
How will you decide on/ pay for furniture?
What about entertaining - do you have different habits or preferences?

I will come back if I think of more stuff.

Good luck.

[WorkingClassMum]

get some legal advice

buy it as "Tenants In Common" rather than joint names - you can then sell your share if you need to

get a contract and an agreement of understanding - especially in the event that one of you dies, goes bankrupt or has a major life event

good luck - I think it's the only way a lot of people will get ahead these days