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What are the benefits and risks
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Financial:
Increase your financial muscle by buying together
Increased deposit amount
Increased mortgage amount due to 2 or more incomes being taken into account
Reduction of costs as split between 2 or more Co-Buyers.
Emotional:
Buying a house can be stressful! So it helps if you can share the workload with your other co-buyers.
Loneliness:
Inconsistent use of periods
Many people have always lived in a busy house and simply don't want to live alone, if they can't afford to buy on their own co-buying gives them another option.
Investment:
We've all heard not to put your eggs in one basket. Co-buying a property as an investment allows the investor to spread their investment in several properties with other co-buyers rather than just one property owned outright.
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