Buying with Family

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firsttimebuy

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I was just wondering if anybody has bought a house with Family or Friends and if so did you put a legal agreement in place? What sort of things would you include in this?
I am thinking of buying a house with my sister. She will be living in it and renting out rooms; it’s an investment from my point of view at the moment but may live in it in the future. Any advice would be great.
 
My advice is to definetely get things down in writing. We are renting at the mo to hubbys family and it is a nightmare as it is a fairly casual arrangement. Rent is late, bills aren't been paid. If i could go back I would have put an agreement in place. i don't think your sister will be offended if you want to put an agreemnt in place and it could save a lot of hassle in the future.
 
milly123 said:
My advice is to definetely get things down in writing. We are renting at the mo to hubbys family and it is a nightmare as it is a fairly casual arrangement. Rent is late, bills aren't been paid. If i could go back I would have put an agreement in place. i don't think your sister will be offended if you want to put an agreemnt in place and it could save a lot of hassle in the future.
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And what would you be doing if you had a written agreement in place? give them notice? fall out with them? lose your family?

What i am getting at is that a written agreement is only worth it if you are ready to do the necessary to enforce it, i.e. go to court if necessary. This is certainly a painfull progress, and even more so when dealing with family.
My personal view & advice: do not do "business" with members of your family. It saves the family in the long run...
 
My advice also is do not buy with family. I bought a house in Dublin 15 with my bro and sis two years ago and for them it was an investment. For me I am living in the house and renting out rooms. It was all a great idea at the time however two years my situation has changed. I am in a relationship and we are at the stage of buying our own place - my initial thought was that I could buy them out (as was discussed 2 years ago) and now they wont let me. Therefore I have to move out and incur investor stamp duty. It's got very messy and my parents are stressed over the whole time and it has caused undue tension within the family.
We didnt put down anything legally - we should have in hindsight. That's my experience and I certainly would not advise anyone to do what I've done.
 
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