I saw this documentary recently about a bunch of old age pensioners buying a holiday home village together to go live in,

and it got me thinking,

The usual old thing in Ireland if you can afford to buy a place is to buy it yourself or with the other half.

The alternative is to either rent shared accommodation, live with the parents if you can, emergency accommodation or try to rent your own place.

What are peoples thoughts on making a group purchase, lets say 3 people buying a 3 bedroom house together.

I mean could it be worse than renting shared accommodation, at least you can decorate the place as you please.

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I mean here is a 5 bedroom old ram house in mayo for €75,000

[https://www.daft.ie/for-sale/detached-house-lisgorman-bohola-co-mayo/2830451](https://www.daft.ie/for-sale/detached-house-lisgorman-bohola-co-mayo/2830451)

divide that by 5 and your talking 15000 each,

I mean that’s the equivalent of 6 years of rent for a room share in mayo.

minus the hassle of being a tenant.

5 comments

  1. You’d want to be pretty sure you’re happy enough to live with the people you’re buying with. Things could get pretty tense as well when one of you wants to move out to buy a place with their partner. Do you sell the house? Do the others buy their share of the house? What happens if the people staying in the house can’t afford to buy-out the share of the person who’s leaving?

  2. Reminds me of the Irish Times article highlighting all the poor divils in negative equity and front and centre was a pair of civil servants who bought an apartment together. one went off and got married and wanted to sell, the other couldn’t afford to buy them out and the apartment was in negative equity. In short it’s not worth buying a single property.

    However, putting together a co-op and buying land and building on it could be viable but there isn’t the support for it.

  3. They made a tv show about this – Five Bedrooms.

    A big pitfall seems to be having sex with your Co owners

    Trickier to extract yourself from than just shagging your housemate

  5. I don’t see the appeal of owning and living in a house with 4 other owners. That’s just the renting vibe but instead I own 1/5th of the house for whatever reason, and it will be very difficult to do anything with that ownership if I wanted to.

    >at least you can decorate the place as you please

    Yeah, you just have to appease 4 other owners of the property.

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