Buying a condo with someone else/friend
 

Hey guys, I'm starting to consider hunting for a property next year and have been talking a bit with my friend about buying a place together given how expensive it is to live in Vancouver and that its almost impossible to buy a place alone. I'm wondering how many of you guys have purchased purchased something with someone else, heard about someone doing it, and what would you recommend if I was to go this route?

Thanks

edit*

All this being said I've read about a bunch of negative things doing this but still wondering if anyone has had success with this?

Don't do it man. Not a good idea. /thread

I've never heard of it working well, IMO you'd be better off if one person buys and the other person is a roommate paying rent.

if its a responsible close close friend, maybe.

otherwise its a headache waiting to happen.

At the very least, get everything in writing and notarized.

Would not recommend this to anyone but it has worked for some.

don't do it, unless you guys are balling out of control and just decided to co-own a property for shits and giggles. but if you're buying a place together cause you don't have enough money individually, i suggest you just keep saving up until you can get one on your own. money always gets in between relationships no matter what type it is or how strong it is. it would suck to lose both a place to live and a friend.

Money and friends/family rarely works out well.

Like ICE said, if you do it, get everything notarized so if someone changes their mind about something agreed upon beforehand, legally, they can't do shit.

I have a couple of close friends who bought a place together and it didn't go as planned when it came time to sell, which they also disagreed upon. Relationship strained, one guy felt f'ed over (other friend wanted out to live with gf) and he ended up buying another place with another friend and that went even worse.. I don't even think they speak anymore.

In theory, great idea. In reality, it's tough to pull off successfully.

+1 always end up being bad and arguement will break out.

Either purchase the apartment all by yourself or don't at all. Even gf/bf I don't suggest it.

buy a condo on your own in langley for cheaper and rent it. build up your equity and then buy a condo for yourself where ever you want.

Don't do it!

it'll never work out.

best to buy it yourself and then rent it out.

I have first hand experience and all I can say is do not do it. It hasn't ended well for me (or at all). Still dealing with the bs and it's been years. There will ALWAYS be disagreements, especially when you guys are going to be stretching your budgets to make it work. Just don't do it...

If I ever am faced with a similar situation I wouldn't buy with anyone except MAYBE my mother.

Been renting for 5+ years with good and bad landlords and moving once a year on average and it's still been far more enjoyable.

Dont do it. If you and your friend live there, eventually one person will need to move on and will need to sell. That forces the other person to prematurely move

Just rent