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Raquel: Co-bought with a work colleague

I had always wanted to get on the property ladder, but after six years of working in London, I was no closer to being able to afford my own place. It seemed like just a fluke conversation with a colleague over a drink in the pub after work that we both discovered we wanted to buy a property but couldn't afford to on our own.

Our circumstances were very different - she already owned a house in London and I was a first-time buyer. She wanted to increase her future financial security for herself and her son; I wanted to get on the property ladder. But when we talked about the kind of lifestyle changes we both wanted to make, we found out we had very similar expectations. We both were looking for a place to live in which was less than 30 minutes traveling distance from home to work. We decided it was important to find a place with two similarly sized bedrooms, that required no major renovation work and had at least a little outside space. Of course some of the other things on our 'wish-list' were jettisoned along the way, but that was all just part of the process. However, whenever we found ourselves deliberating about a place (it seems like a good deal, it has great rental potential, etc etc), we went back to our main criteria and that helped keep us on track.

It was really reassuring being able to talk things through with someone else throughout the whole process - and to benefit from her experience of having bought and sold property before. We informally divided up tasks and responsibilities according to each other's strengths, experience and time available, but we were both very much involved in all parts of the process. Either one of us could have dealt with any of the different aspects of the property search and purchase should the need have arisen (and occasionally it did!).

We also talked at length about what we should do if one of us wanted to sell the property and the other didn't; if one person wanted to move out and the other didn't; when did a houseguest become a permanent member of the household (and was that OK?), etc, etc, etc. We tried to think of every possible situation and talked about what each of us thought would be an acceptable compromise solution.

Nine months ago I quit my job and decided to go traveling. I advertised my room and my share of the property for rent and of course we interviewed the prospective tenants together. We agreed that my co-buyer would have the final 'say' as she was the one who would be sharing the living space with a 'stranger'. It took only a few days to find exactly the right person and everyone is still happy with the arrangement (most of all me; I've recently met the Dalai Lama and am now relaxing on a beach in South India).

While I'm away, I have the benefit (and extreme fortune) of knowing that someone else with an interest in the property is looking after the day to day maintenance issues which inevitably crop up. It has been reassuring to know that someone with a shared financial interest is looking after things - rather than putting our property in the hands of a managing agent. I know our home will be well-looked after and in good condition when I return.

The best advice I can give anyone considering co-buying - whether it be to live in the property or as an investment - is to talk everything through with your co-buyers. And then talk it through some more. We were really open and honest with each other, and tried to think of every possible situation and change in circumstance that might occur - people get sick or die, fall in love, get married, have children, change or lose their job, find religion, want to explore the world - we recognised that our needs and desires might change and we had to be willing to adapt to the other person and make the necessary adjustments to accommodate them if possible.

So talk about all these things with your co-buyer before you decide to buy. I don't think it is so important that you share exactly the same point of view, but I do think it is essential that you should both be flexible, have an understanding of each other, and have similar expectations about the property.

Leonie: Co-bought with two ‘strangers’ and co-bought with her boyfriend

I have always been smart with my money but co-buying my first property has been the best investment I have made to date.

I co-bought an investment property at the age of 18 with two people, one who my father knew and the other, a friend of the friend. We purchased a 4 bedroom house in Brisbane, Australia for $4000 in 1993 and relocated it on the back of a truck to a plot of land we had purchased two hours west of Brisbane. We then kept the property for 12 years, renting it out to students attending the university and families living in the local area.

Two years ago I co-bought a property with my boyfriend, something I could never have done on my own with prices as they are in the UK.

Co-buying was an extremely simple process in both cases, after all, people co-buy property every day – husbands and wives, parents and children, friends… and it is becoming a widespread approach for people to take their first step on to the property ladder.

In my experience, the advantages of co-buying are that all costs are split between co-buyers (bills, maintenance costs, solicitor fees, furniture etc.), we were able to buy a larger property and with combining our deposit we were able to buy then and not wait until we had individually saved enough to buy on our own.

If you are considering co-buying, do your research, keep an eye on the market, be aware of the prices in the area you are purchasing in and most importantly, always ensure you have the legal paperwork drawn up correctly.

Anne: Co-bought with a colleague

I decided to co-buy when my son left home to go to university because I wanted to live nearer to work, but at the same time I wasn't ready to sell my family home. So I bought with a colleague who couldn't afford to buy her first home on her own. It worked well for both of us because she was able to get her foot on the property ladder, and I was able to keep my family home, live near to work, and continue supporting my student son.

Apart from sharing the cost of buying, a less obvious advantage and major saving, was sharing the maintenance and utility costs.

In the couple of years we've owned the flat, it's increased quite a lot in value, so when the time comes to sell, my co-buyer will have a decent deposit to put down on her next property. I will probably buy another centrally located flat, and would consider co-buying again.

My advice to anyone considering co-buying is just common sense really, if you're going to live in the property you need to be comfortable about sharing with your co-buyer, and you should agree on an exit strategy in case it doesn't work out.