BGN Entrepreneur

House prices may have fallen, but first-time buyers can still find it difficult to purchase a property if they don’t have a deposit or want to live in a popular area. But it is not all doom and gloom, and there are ways to get round these obstacles, without getting into serious debt.
First of all, there is help from your family—mum and dad, and this can work in a way that suits both parties. If parents have money to give to their offspring for a deposit, they could see it as an investment that will provide them with a share of the potential profits when they retire or when their children sell up.
A growing number of first-time buyers are buying homes with friends. The benefits are huge. It makes property in better locations more affordable, and you can share deposits, initial costs, mortgage repayments and maintenance charges.
Bear in mind that there could be disagreements if one person wants to sell before the other, or financial complications if one pays more than the other, so draw up an agreement as an insurance against possible disputes. Do it properly. Involve a legal adviser and agree to fair cohabitation terms, so everyone is protected if one person wants to leave.
If you haven’t lived together before, there is no guarantee that you’ll get along, even if you are best friends, so perhaps try renting for six months first to see how it goes.
And then there are the various home ownership schemes offered through councils and housing associations, all designed to help those who couldn’t otherwise afford to climb onto the property ladder.

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