What to know before buying a house with friends

Cooking the Books with Frances Cook

Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's the good and bad of buying a house with a friend. Hosted by Frances Cook.
Money can be particularly difficult when you're flying solo. You don't have the luxury of pooling resources with someone else, buying the same thing for a fraction of the price.
Or don't you?
Particularly in the house buying world, some people are now teaming up with friends.
It's a smart way to get around steep prices - particularly when most houses have more than one bedroom anyway, and you were probably already thinking about a flatmate in order to keep the bills down.
There's just one issue; buying a house is a major commitment, even for those in a romantic relationship.
For a friendship you want to make sure you do this right, as there's no standard divorce law to help you out if things go sour.
That means there are a couple of legal considerations you need to be aware of first.
For the latest Cooking the Books podcast I talked to Joanna Pidgeon from Pidgeon Law.
We discussed what legal problems can come up, what to put into a contract, and how to vet the person you're thinking about buying with.
If you have a question about this podcast, or question you'd like answered in the next one, come and talk to me about it. I'm on Facebook here https://www.facebook.com/FrancesCookJournalist/ Instagram here https://www.instagram.com/francescooknz/ and Twitter here https://twitter.com/FrancesCook

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