Unless it's being done as a legal partnership it looks to me like a disaster waiting to happen.
“Can’t we all just get along.”
Timeshare with soon-to-be ex-friends.
Why it would seem like a ‘good idea at the time’, I have no idea.
You know what you should buy with friends? Tickets to a ballgame. That’s about it.
we won’t even let family stay more than one night much less friends stay over. peace, safety and privacy are paramount. better to buy a one bedroom and work your way up than but a “big dream house” and move in with your future enemies.
Truth! A Judge Judy episode in the making!
How to lose friends.....get into business with them.
“...Buying with family is bad enough, but with “friends”.
Unless it’s being done as a legal partnership it looks to me like a disaster waiting to happen...”Buying with family is bad enough, but with “friends”.
Unless it’s being done as a legal partnership it looks to me like a disaster waiting to happen.>
This is the cold shower awaiting all these ‘OH SO COOL’ folks who never marry but live with their ‘partners’. Makes me laugh
This is what a contract with a “buy-out” clause is for. Although, I can’t imagine going into a deal like this with friends in the first place. However, people do this all the time with aircraft and deer leases they can’t afford themselves. Unless there is a strict set of rules that is adhered to by all parties, it doesn’t work.
This is usually a very liberal idea. The problem is that all the parties soon find out each others bad habits, and get to meet all the unwanted relatives that only show up when a party has something that nobody else in their family can afford. The best way to do this is for one party to buy the asset, and the others “rent” their time from them. That way, when the purchasing party eventually gets stuck with the asset, (and they will get stuck with it once the other parties discover there are rules and no free ride) then the purchasing party can easily sell the asset without any issues.
I found out many years ago that you don’t even want to go on a week’s vacation with “friends”.
Gee nothing to legally bind friends but then they all are jointly and separately responsible for the mortgage. Ever been financially stiffed by a friend?
See it all the time on House Hunters. Two people who’ve been dating for a tear or so buy a house with a lot of talk about babies and marriage, often in that order. You always wonder. They’ll commit to a 30-year mortgage, but not to marriage.
I considered doing this at one time. Sure glad I didn’t.
Hmmm... It works for all the illegal immigrants...
Buying a house with a friend seems like a sure way to end a friendship.
Yep. My friend was looking at this scenario - she inherited a home from a relative that lived in a resort area - rather than sell it, other family members stepped forward claiming they would help pay off the house, the insurance and taxes.
She knew all of that was a lie and she would be stuck with ALL of the expenses and a lot of excuses while her family enjoyed time in the resort area with their families and friends.
She did the correct thing and sold the home immediately
Buy it yourself, charge friends to use it when you are not there.
Only to an idiot!
A thousand times NO.