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Shared ownership vs buying with a friend

  • 11-07-2007 1:19pm
    #1
    katems
    Closed Accounts Posts: 7 ✭


    Hi - looking for some advice, I was thinking of either applying to dublin docklands authority for shared ownership scheme, or buying with a friend who i have lived with for the past 6 years, renting.

    We can afford a pretty nice place if we pool our resources (house vs apartment), but we would need to be sure of legal implications

    I know there are drawbacks in both situations!

    Anyone have any advice / experience in either situation

    Thanks


Comments

  • #2
    patrickolee
    Closed Accounts Posts: 890 ✭✭✭patrickolee


    I'd go for the house with the friend, as long as it somewhere you would like to live long term. Be sure and get legal advice and agree how the arrangement can/will end. i.e. one can buy the other out etc.


  • #3
    katems
    Closed Accounts Posts: 7 ✭katems


    thanks - we are going to try and sort out all the scenarios - a lot could happen!
    Probably if one needs to sell and the other is not in a position to buy out would need to put the house on the open market


  • #4
    patrickolee
    Closed Accounts Posts: 890 ✭✭✭patrickolee


    Yep, that'd be one way. Just make sure it's all agreeded up front and everyones happy with the arrangement.


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