19/01/2023
If you can’t afford to purchase on your own, could you buy a home with a friend or relative? 🤔💭 If you’re considering this, be sure you set out what will happen if one of you wants to sell at a later date.
You’ll also need to think about how you’ll divide the property between you, especially if one of you is paying a larger share of the deposit. If you’re buying jointly, then you can either own the property as joint tenants or as tenants in common. 🏠🤝
If you’re tenants in common, the ownership of the property can be divided in any way you like, and your share can be passed on to a family member when you die. If, however, you’re joint tenants, your share of the property will pass to the other person in the event of your death.