Key to buying a home with friends

Buying or renting a property with friends is the biggest financial commitment you will make in your life. Remember this may be your home but it is also a business transaction.

Points to think about;

- Think through what is going to happen. Worst case scenario, so you are prepared to deal with situations correctly.

- Shop around for a mortgage, deals designed for joint ownership.

- Keeping paperwork in order by ensuring documents are accessible to everyone and signed by all co-buyers.

- Consider making mortgage and bill payments from a joint bank account, rather than making them the sole responsbility of one owner.

- Draw up an inventory of items being brought into the house and who owns them, to avoid confusion of somebody moves out.

Remember circumstances can change...