Yes, one only has to trawl through past posts on this forum to see the mayhem caused when friends opted to buy together and later wanted out of the arrangement.
On 30k, single, how does one buy a house?
- Thread starter Khublei
- Start date
Yes, one only has to trawl through past posts on this forum to see the mayhem caused when friends opted to buy together and later wanted out of the arrangement.
I remember someone years ago telling me to try to find someone to buy with. I got very close to proceeding but luckily pulled out. Expectations on what we were looking for were completely different, they wanted somewhere they could turn into an investment, I wanted a home , the house was repossessed a couple of years ago leaving outstanding debt they are still trying to sort out.
We are still friends but wouldn't be if we had gone ahead and the other parties now communicate through solicitors.
We are still friends but wouldn't be if we had gone ahead and the other parties now communicate through solicitors.
Sorry but I've no interest in the BER nonsense. Money buys you insulation or heat.
We had lots and lots of those cases on here. Avoid if you can.
I'm throwing out ideas. If you're on 30k you can't be looking in Cork at Douglas. Decent houses, even warm ones, do exist, you have to look though.
It may not be a great area, by reputation, but it's now fine, is close to city centre and decent sizes, easy to rent too!
One property I bought, my OH told me I wasn't allowed to tell his family we bought there. When I had it renovated it was another story.
One point you might want to investigate further - if you have health issues you may have difficulty getting the requisite Life Cover/mortgage protection policy in place, if you do the cost may be prohibitive - this may affect your chances of getting a mortgage.
Re purchasing with friends - many lenders will not entertain these applications currently, they were common place in boomtimes but as previously mentioned, many ended in dispute and the banks were left stuck in the middle with only one party making 'they're half' of the repayment..
Re purchasing with friends - many lenders will not entertain these applications currently, they were common place in boomtimes but as previously mentioned, many ended in dispute and the banks were left stuck in the middle with only one party making 'they're half' of the repayment..
Sure we did... this is where people come to ask for help and advice when they have a financial decision to make or problem to resolve, not somewhere they come to post about what a wonderful success a joint ownership was for them !
Also, let us not forget that we've just come out of the worst recession Ireland has seen in a hell of a long time.... so more people fell on financial hard times.
Finally, let us also not forget how many examples of bad paperwork, or simply no paperwork, have been reported.... might that have also been a primary cause of all of these instances you refer to ?
When all is said and done the original poster does not have a lot of options, so they need to:
- look at cheaper locations, if that's an option when logistics etc. are considered
- increasing their income signficantly, then saving for a number of years to improve their buying power (and hope property prices don't go up over that period of time)
- get into a joint ownership arrangment
- forget about buying a property and just keep renting / living with parents etc.
... I have been working on the basis of offering something constructive and while there are obvious pitfalls, there are also very obvious ways to protect against the majority of them. Thereafter, property (be it for investment, or personal residence purposes) doesnt come without it's risks !
Good point MrEarl. Especially we don't see the success stories of joint ownership.
But to counteract that, why do you think banks don't allow joint ownership currently, as far as I know?
What do you think has changed in relation to bad or nonexistent paperwork. Thinks are tickety boo I assume.
And your advice is sound.
But to counteract that, why do you think banks don't allow joint ownership currently, as far as I know?
What do you think has changed in relation to bad or nonexistent paperwork. Thinks are tickety boo I assume.
And your advice is sound.
They dont ?
... thats news to me. What about all of the common law partnerships etc ?
I dont think things are pefect, but I think very important and expensive lessons have been learnt by a lot of parties (not just the Banks).
Just look at how long the average drawdown of a homeloan is taking for example, or look at the greater level of compliance, more focus on operational risk etc. This all gives me confort in terms of the banking side of things.
I'm working on the basis that solicitors are also doing a better job of advising their clients when it comes to a number of parties joining together in a transaction - recommending that there is a detailed partnership agreement for example.