For many young adults, the dream of homeownership can feel out of reach. Enter property guru Phil Spencer, who wants to help friends navigate the exciting, yet complex, world of buying a home together.
Spencer, known for his TV show “Location, Location, Location,” emphasizes the importance of open communication and clear expectations from the outset. Friends should discuss their ideal locations, budgets, living styles, and long-term goals.
Financial transparency is key. A frank conversation about deposits, mortgage contributions, and how you’ll split ongoing bills like utilities and maintenance is crucial. Consider a lawyer drafting a “tenancy in common” agreement outlining ownership percentages, responsibilities, and exit strategies should someone want to move out or sell.
Spencer advises going beyond aesthetics during viewings. Look for potential problems and factor in renovation costs. Remember, you’re not just buying a house, you’re investing in a future together.
Here are some additional tips from Phil Spencer:
- Get pre-approved for a mortgage: This shows sellers you’re serious buyers and helps you stay within budget.
- Don’t be afraid to negotiate: Work together to make a competitive offer that reflects the property’s condition.
- Prepare for the unexpected: Factor in additional costs like property taxes and homeowners insurance.
Buying a home with friends can be a fantastic way to share the financial burden and create lasting memories. By following Phil Spencer’s sage advice, you can ensure a smooth and successful journey towards homeownership with your best buds.
Don’t forget to also Seek legal advice
