Living With Family Or Friends

Living With Family Or Friends

In the current climate of today’s property market, it can be very difficult to get your first step onto the ladder for property for sale Carlisle. Due to this struggle, many first-time buyers are considering moving in with a member of their family or some friends and sharing ownership.

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Similarly to moving in with a partner, Tiffen & Co recommend looking into every possible situation to ensure that the process of moving into your new property for sale Cockermouth is as stress-free as it can be. Nobody enjoys thinking of future 'what ifs’, but it is an essential and sensible that you do when looking into owning property for sale Workington.

At Tiffen & Co, the team are experts in their trade and don’t want clients to feel overloaded with useless information. The NAEA (National Association of Estate Agents) have set up some helpful guidelines to give you a hand when looking into buying a house with your friends or a family member. Some of their tips are as follows'

Draw up an inventory

To make sure that no awkward arguments pop up, it would be a good idea to draw up an inventory of non-shared items within the property for sale Carlisle you’re buying. This would then mean that when the time comes to move out of your shared house, there will be no confusion over who owns what. This could also be handy to have in place in case one of the owners decides to move out and disputes arise over possession of certain items.

Bank accounts

Opening a joint bank account is usually the best way to ensure that all of the required payment schedules are met, whether they are utility or mortgage payments. Having this option means that all transactions can be seen by all parties. Joint bank accounts can also remove the possibility of the payments becoming the sole responsibility of one person, which is always a positive when sharing property with friends or family.

Consider the worst

Buying your new property for sale Cockermouth should be a very positive experience but it is sensible to remember that things can sometimes go wrong, even with a friend or family member. Buying with family or friends should mean that there is a certain level of trust between both parties. However, this should not be the case with detriment to legalities. Double checking with a lawyer about co-ownership contracts and setting up agreements in advance about what will happen if one party’s circumstances change is a sensible thing to do. This will then mean that both owners can enjoy peace of mind and reap the benefits of a joint mortgage.

Living With Family Or Friends

At Tiffen & Co, their fantastic estate agents understand that you may still have many questions about entering the property for sale Workington market with friends or members or your family. There’s a lot to think about, after all. If you’d like to speak to a professional regarding property for sale Workington, property for sale Cockermouth or property for sale Carlisle, simply give the team a call and let them know your concerns or queries. They’ve provided high class services for decades now, so they are more than prepared to help you on your way to moving into your new property with family or friends.