{"id":2506,"date":"2023-11-04T08:20:44","date_gmt":"2023-11-04T12:20:44","guid":{"rendered":"https:\/\/melaniedubois.com\/?page_id=2506"},"modified":"2023-11-04T08:20:44","modified_gmt":"2023-11-04T12:20:44","slug":"english-is-buying-a-property-with-a-friend-a-good-idea","status":"publish","type":"page","link":"https:\/\/melaniedubois.com\/en\/english-is-buying-a-property-with-a-friend-a-good-idea\/","title":{"rendered":"Is buying a property with a friend a good idea?"},"content":{"rendered":"

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The idea of \u200b\u200bbuying a property with a family member or friend seems attractive at first glance; the subject frequently fuels numerous discussions.<\/span><\/strong><\/p>\n

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Many do not skimp on formalities and take action without asking questions.\u00a0<\/span>However, if it is not carried out adequately, the experiment, although initially motivated by good intentions, can end in a bitter failure, forever breaking the close bonds that united individuals.<\/span><\/p>\n

Before we get there, let’s take a look at how to proceed so that the adventure has every chance of succeeding.\u00a0There are two possibilities: purchasing a rental property to make an investment or purchasing a house to live under the same roof.<\/span><\/p>\n

Investing in rental property<\/span><\/strong><\/p>\n

The process to follow includes many steps that should not be overlooked, although some elements may seem unimportant.<\/span><\/p>\n

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  1. Specify each person\u2019s share in the building.<\/span><\/li>\n
  2. Carry out a description of the tasks: administration, maintenance, renovation, etc.<\/span><\/li>\n
  3. Evaluate the value of these tasks in terms of time and money.<\/span><\/li>\n
  4. Divide tasks equally between parties.<\/span><\/li>\n
  5. Sign a partnership agreement which will specify all aspects of the collaboration.\u00a0What is each person’s share?\u00a0Who does what ?\u00a0How will decisions be made whether or not to carry out the renovations?\u00a0What happens if you lose your job and fail to meet your obligations?\u00a0How to sell your share?\u00a0Etc.<\/span><\/li>\n
  6. Maintain good communication at all times.\u00a0Do not let problems and frustrations linger that can overshadow the success of the project.<\/span><\/li>\n<\/ol>\n

    Buying a house and owning a home<\/span><\/strong><\/p>\n

    Buying a house with loved ones with a view to living in it takes essentially the same steps mentioned above, but in addition, there is an added degree of difficulty: the fact of living together.\u00a0Sharing someone’s daily life and meeting them from time to time are very different concepts.\u00a0Here are some ideas for discussion to consider before committing.<\/span><\/p>\n

    1. Compare your lifestyles.<\/span><\/p>\n

    Are they compatible?<\/span><\/p>\n

    2. How will guests be handled?<\/span><\/p>\n

    3. Can we organize parties?\u00a0<\/span><\/p>\n

    How often ?<\/span><\/p>\n

    4. Who will do the cleaning?\u00a0<\/span><\/p>\n

    The kitchen ?<\/span><\/p>\n

    5. How are invoices paid?\u00a0Do we make a pot that we renew when it is exhausted?<\/span><\/p>\n

    Living under the same roof is not for everyone.\u00a0If one partner does nothing and lets things go, the other co-owners will experience a lot of frustration.<\/span><\/p>\n

    In conclusion<\/span><\/strong><\/p>\n

    Buying a property as a financial investment vehicle or for housing remains a good idea in itself.\u00a0<\/span><\/p>\n

    However, all aspects of this collaboration must be defined beforehand.\u00a0Do not assume that disagreements and conflicts will not arise because you belong to the same family or are part of a group of friends.\u00a0If it is impossible to define the project and sign a written agreement, it is better to pass.\u00a0<\/span><\/p>\n

    ADVICE<\/span><\/em><\/strong><\/h3>\n