It can be hard to know when it is the right time to buy a house for some people, especially those planning to buy alone. Making the jump from living with parents or even renting is daunting because of the financial ties associated with owning a home, and some single people just cannot to afford to buy on their own.
But renting seems like a waste of money for people who are keen to pool their money into an investment, and getting on the ladder can mean more security in the future. So it is not really a surprise that some people are now turning to their friends to enable them to buy a place of their own, instead of waiting until they have a partner or family.
Clubbing together with friends can be a great way to get on the ladder, but what worries me, is that people might be less likely to take out protection insurance if they have no family or dependents relying on them. However, they are at risk of losing just as much as those who do. Consumers should be made aware that whatever situation they are in when buying a house, protection insurance is an important safeguard.
Perhaps even more so when buying with friends, who might not be in a position to stump up more than their share of the mortgage and bills – and might be a little more unforgiving about the situation. So when it comes to making that commitment of buying together, people need to think about protecting the value of themselves, and their friendships.