Moving out discussion

Former Member

Cliff notes on what im thinking. Im 23, want to move out. Dont want to live in dirty apartment or a basement. Thinking about getting a house. I know its costly. But i figure if i get my friends who want to move out(basically all live at home), i pay most of the "rent/mortgage" and have them pay rent to me, we all split utilities/property tax/etc, and basically live in a house together. I figure 5-6 guys in a house all working, will be able to pay off a house in no time.Cant beat that freedom. Come time to sell the house and move on with our lives, we sell the house and everyone gets what they put into it back and a little extra.
Good idea? Terrible idea? Anyone do something similar and have stories?

Former Member

Bad idea. Idk why I just personally think it's a bad idea sorry.

Former Member

Hey adude111, welcome to TheSite :wave:

I'm just going to move your post over into the Home, Law and Money forum so that it doesn't get lost and you should get some more replies there

In the mean time, if you're based in the UK, you might like to read our info on shared ownership: http://www.thesite.org/homelawandmoney/home/buying/sharedownership

There's also plenthy more info on buying and mortgages in the house buying guide section of TheSite: http://www.thesite.org/homelawandmoney/home/buying

It's worth thinking about how your relationship with mates might change or become strained at times once there is money involved - what happens when someone can't make the rent for example or isn't paying their share of the bills? It's not necessarily a bad idea if you can find the right people who are comitted to do it with you..

:chin:

Former Member

It sounds like a good idea if you can manage it, however as Jo says, your relationship with your friends can change over time. I'm 24 and I wouldn't want to live with 4 or 5 of my friends now, and I can't imagine doing that for 4 or 5 years. Remember as well that there are a lot of costs associated with buying and selling properties that are going to eat into any 'profit' (solicitors fees and the cost in time / energy of finding a house or finding a buyer) - generally I would say houses are better as a long term investment.

Best of luck anyway!

Former Member

thanks for the input guys.
I know once there is money introduced in any relationship there is going to be some strain on that relationship, not sure if i want to put that on my friendships. Im still thinking about it. But i know that if one person doesnt pay the rent on time, its not fair to not just me, but the ones who do pay on time, so i can see my friends having my back in that situation.
I know i want to move out, and id like a place that has good living conditions, and is affordable. Im a guy who thinks ahead and for that reason i dont want to rent. Its cheaper but its not yours.
I think it could work, with the right people and if everyone can agree on some basic rules.

Former Member

Don't take out a mortgage and rent out rooms, that's a recipe for disaster...get some of your pals together and simply rent, if it doesn't work out then cutting your losses isn't a problem.

Former Member

adude111,

The above concerns are things you should definitely think about. It can be hard balancing friends and 'business/money'.

One solution could be to take a deposit from your friends (e.g. one month's rent) and have a written tenancy agreement. You can make it clear that you would be prepared to take any action if there was any breach/dispute - just like a normal landlord would.

Make sure you are 100% happy with this arrangement. It may seem harsh but being clear and upfront at the beginning can avoid awkward situations later but as Jo says, it also depends if everything has the same mentality.

You could even try renting together for a while to see how you all get on and if there will be any issues.
This page on 'buying with buddies' may help you too!

Hope whatever you decide goes well!