Quiz: Are you ready to buy a Shared Ownership home together?

With property prices on the increase more and more of us are deciding to take the plunge and buy a house with a friend. While this can be a great way to get your feet onto that property ladder, it’s a big commitment with many risks.

This handy quiz should help you decide whether or not you and your best friend have what it takes to own a home together!

Figure out your score – give yourself three points for each time you answer “true”, two for each time you answer “somewhat true” and one for each time you answer “false”.

 

1) You accept that the property market is an uncertain beast, and there’s no guarantee that the value of your investment will go up.

True​​​​​    Somewhat true    False

2) You and your friend have similar ideas about acceptable levels of messiness in a shared home.

True​​​​​    Somewhat true​​​    False

3) You have already discussed and agreed on what will happen if one of you gets into a serious relationship and wants their partner to move in.

True​​​​​    Somewhat true​​​    False

4) You’ve got a plan set up for what you’ll do if one of you falls into financial difficulty and can no longer afford to make the mortgage payments.

True​​​​​    Somewhat true​​​    False

5) You and your friend have agreed on how to manage issues such as home maintenance, decoration and furnishing of the new house.

True​​​​​    Somewhat true​​​    False

6) It’s perfectly clear that you both have the same attitude towards overnight guests, and that neither of you is going to change their mind.

True​​​​​    Somewhat true​​​    False

7) You’ve already spent some time sharing a home with your friend and you know that you get along well enough to share a space in the long term.

True​​​​​    Somewhat true​​​    False

8) You’ve put a system in place so that, when it comes to selling the house and moving on, if one of you has invested more money and time in the property, they’ll be compensated accordingly.

True​​​​​    Somewhat true​​​    False

9) You are both able to manage the down payment and mortgage rates without putting an undue strain on your lifestyle.

True​​​​​    Somewhat true​​​    False

10) When you discuss the plan with mutual friends, they all think it’s a great idea!

True​​​​​    Somewhat true​​​    False

 

 

Your results

Between 30 and 20:  The closer you are to thirty, the more it looks as though you’ve got a match! Discuss and sort out any outstanding issues with your friend, and enjoy your new home.

Between 20 and 10: You might be able to make it work out, but the two of you still have many things to discuss and agree on first. Make sure you address these issues, with professional help if necessary, before taking the plunge.

Under 10: No way. You two might be the best of friends, but that’s not going to last for long if you buy a house together! Keep your friendship intact and make other plans.