To think buying a house with a friend is a bad idea?

[lottielou7]

I understand why people do it given that usually one person won't earn enough alone to buy a house. But you'd be tied, financially to that person whom you might not actually want to spend the rest of your life with. If my daughter did this I think I would be concerned.

It's worked well for several friends of mine. I wish I had done it rather than living in rented house shares.

I did this, I already had a property and co-bought a property with a friend. You do need to be careful and put down very clear rules about minimum amount of time before selling etc. agreements about paying for furniture, white goods etc. and what would happen to those when you sell the house. It worked for us, my friend got on the property ladder and I made a profit. But it can be a minefield and could potentially damage your friendship unless you have very clear outcomes in mind and precise rules and follow them through.

I think its a bad idea to be honest.

Whois I was very young and hadn't thought it through/had a proper agreement set up. She just moved out and stopped paying the mortgage. Because we were both liable for it, it seemed better to buy her out under the circumstances because I was paying for it anyway and didn't want to default and lose everything. I also didn't want to sue her. I guess my point is, it can go pear-shaped and it's not much fun having to go down the legal route to sort it all out.