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Buyers dump family for strangers
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Thursday, June 14, 2007 |
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A property expert is suggesting that buying a new property with strangers could be preferable to buying with family or close friends, due to the fact that individuals tend to be more aware of legal details when entering a contract with an unfamiliar party...
Stephen Michaels of Co-buy With Me argues that individuals are not always as careful as they should be when buying with a partner or loved one, and as such might be better off looking at co-buying networks.
Though stressing that it would not be advisable to enter into a serious financial commitment with a complete stranger, Mr Michaels recommends that buyers look into meeting like-minded buyers as an option, rather than going blindly into property ownership with family.
"We'd never recommend you buying with a stranger," he explained. "Over time you'll get a feel for [a stranger] and find out if you're both looking to get the same out of it.
"If it is with a stranger, you're covered on all the legal bits, and people tend to be more thorough on that front."
Mr Michaels also argues that co-buying can be an effective means of first-time buyers getting on the housing ladder.
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