Property News · February 9, 2024

Lawyers, loved ones and ‘stupid fights’: the perils of buying a house with friends


For single Australians, teaming up with a friend or relative might be the only way onto the property ladder. But shared home ownership can strain relationshipsSign up for a weekly email featuring our best readsAt the end of 2021, Sara* dove headfirst into a decision she would later regret. She had made “some money” buying cryptocurrency and wanted to use it to get into the property market. She felt there were two options she could afford: a studio apartment in the city; or teaming up with a friend to split the cost of a house in a regional area. Desperate for extra space after the pandemic, she chose the latter, and the pair bought a little seaside fixer-upper cottage. They planned to do some light renovations, then live there together.Sara was excited about buying with one of her closest friends, someone she’d known for over a decade – “longer than any relationship I’ve had”. But things unravelled quickly. The renovations blew out, becoming far more expensive than either had anticipated. Interest rates started their rapid ascent, adding extra financial pressure. Sara began to feel that she was doing more renovation work than her buying partner, creating a sense of imbalance. And they started to clash on decisions, big and small. Continue reading…

Source : theguardian.com
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