A group of four single people I know, who were fretting about their savings not lasting into their old age, decided to club together to buy a five-bedroom house.
They had initially thought to buy in the countryside, where it would have been cheaper, but the convenience of living closer to amenities won out. It was decided that the fifth bedroom would be allocated to a carer, when the time came for them to have one, and in the meantime they rented the room to a student.
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They bought the home for a good price, each paying a calculated share towards it, including transfer fees. With a rock-solid, written agreement in place to take care of problems such as if a partner should die or want to move out and sell their share, all eventualities were taken care of legally.
Added to that, they decided to have a kitty – a levy of sorts – that each paid into for things such as the upkeep of the garden and home repairs. It also helped to keep costs down that they had varying skills to contribute to the partnership.
They were friends who understood each other but, even then, living with people is not always easy, and an adjustment period was necessary. The home has three full bathrooms and a separate toilet.
Two rooms were converted to have separate entrances and the group discussed building a basic kitchen nook for the rental room. Ultimately, although they ended up spending more than they originally put in, the group feel they beat the system and envisage this being their old-age home.
“It’s ideal – we make our own rules, we have similar living habits, we have companionship when we want it, and escape when we don’t, plus it’s the ideal digs for older people.
“What with apps that get us groceries within an hour, a chemist that delivers medicine when needed, a great neighbourhood (and nice neighbours), plus a student we can boss around to do some handyman things, I am happy with this outcome,” says one.
We don’t have to go it alone, even if we are single. Our stories this week show us how to buy property jointly and how it might be the answer to help you get on the property ladder, no matter your age.