stay well clear.
from what I know any deal is heavily loaded in their favour. to me it makes more sense to buy a house worth less money but its all yours. got a few property barons on here so they will say it as it is for you.Give us abit more than that Bill haha.
Just wondering if anyone has ever done this before? I'd like to know how you got on and any hidden costs?
They get a bad press, but personally for me they look ok. I'm not arsed about buying and selling I'd just want a home to live in for a long time.
Thanks for any help.
I know one person who's bought this way and it sounds like an absolute nightmare. She couldn't sell it so has had to rent it out, which is loss making. To top it all, she only owns 25% of it!
A financial millstone around ones neck which should be avoided.
This is the thing I've been reading. Can be tough selling and actually renting it out is meant to be near impossible.
Guess everyone has different outlooks. It would work out cheaper for me than what I currently pay to a landlord in a shithole.
I wouldn't be wanting to sell it either as it would be my family home for the next 20 years (I know things can change). I prefer going on holidays ect than working none stop to own an expensive house outright.
I'd say I'm 80/20 against it at the moment. I always prefer hearing real life opinions as opposed to just articles in a newspaper. So all stories are welcome.
I think it works if you see it as you're 'forever home' and will be aiming to buy a larger share in it as time goes on and will be stopping for a while, which it sounds like you will be doing.
What I have never got my head around is when renovations need doing. Lets say you own 50% and the property needs a new kitchen and bathroom. That's going to come out of your pocket not the owner of the other 50%. So your joint owner is getting their house done up on you. Then when you come to purchase the other 50% off them, it gets valued and its higher because of the investments you have made in the property, so you end up paying more.
Not sure if that's how it works but its something else to consider. You'll probably want to own it outright come retirement age because still renting the other 50% in retirement would be a financial drain.