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The Philosophy and Trade Secret for a Good First-Time Buy

buying, renting, living endlessThe philosophy for a good first-time buy is to get something you will enjoy living in for several years. You might sell sooner, or even rent out your place depending on your situation, but look at this as a pleasurable experience rather than a money-spinner. Keep in mind that you are likely to make a profit when you move to the next rung of the ladder.

In this early phase of debating whether you should take the leap or not, I would advise doing as much research as possible on the Internet, reading newspapers and magazines and talking to friends and family. A good local estate agent should be able to guide you with regards to property types and prices.

One think you need to be aware of is that the press often talks about how expensive starter homes can be and how hard it is to get on the ladder. Often, national statistics are quoted. Don’t be put off, however, and check what prices are doing in the specific area or areas where you hope to buy a home. For instance, the press might say prices are rising, but when you check this out it could refer to London and the south-east (as typically is the case), and not elsewhere in Britain. Getting access to a starter home in Newcastle can vary hugely with access to a first home in London, so do your homework.

Buying with a partner
When you have decided that you’re ready to buy, you need to consider whether to do it alone or buy jointly with someone else, such as a friend, partner or relative.

making sure the choice is exceptional

As the sing goes, ‘You’ve gotta have friends on whom you can rely’. Buying with a friend, especially a reliable one, might be a clever way to get onto the ladder. Whether you view this as a short-term step until you can afford to get your own place, or a longer-term idea, buying a place for a good chum can be a sensible financial proposition, as well as a fun way to start off life as a homeowner.

The main problem with buying with a mate is if something goes wrong and you start to fall out with one another. It is bad enough having problems with a professional colleague, but it’s truly heart-breaking ‘splitting up’ with a very good friend. As well as being emotionally upsetting, it can turn in to a financial and practical disaster, too. And don’t think that it’s only friends who can have major falling out – a large number of people buy with a family member, thinking that – especially as they’ve already experienced living together – it won’t be as troubled. But you can suffer many of the same issues with a brother, sister or cousin as you can with a friend. Make sure both of you know what you are getting into.

Buying with your boyfriend or girlfriend can be fraught with disaster if the couple split up. It is a huge commitment buying a home with someone you’re in a relationship with. So, do not go ahead with the purchase unless you are certain you can be rational and grown-up about what happens if the love affair flounders and even collapses. Getting an agreement in writing is just as important, if not more so, for a couple as it is for friends buying together.

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