– It is good for two to share the costs and the renovation, says Kasper Olsen. The 22-year-old is standing in the middle of an open room where the floor and ceiling are ribbed. It will be a family room, with an open kitchen and living room. Plastic covers the floor, and a couple of windows are against one wall. Kasper bought his first home a few months ago with his training partner, Matias. The comrades took out a joint loan, a so-called friend’s loan, to buy an older house on Nøtterøy outside Tønsberg. – We know each other well over many years from school and handball, we both wanted to buy a home now, and we thought it would be nice to go about it together, he says. DEMOLISH AND BUILD UP: Kasper Olsen and his mate Matias have demolished most of the interior. Now they are building a new open kitchen and living room. Photo: Theo Aasland Valen / news That’s how strict the loan requirements are In recent decades, housing prices have risen faster than wages. For new generations, it is becoming increasingly difficult to buy their first home, and many want to enter the market early without a partner. But the requirements from the banks for how much you should earn and have saved in equity are basically strict. INCREASED INTEREST: Bank manager Terje Solvik at DNB is experiencing that more young people want to buy a home with a friend, and the bank offers friend loans. Photo: Theo Aasland Valen/news Some choose to partner with a friend and be responsible for the loan together, and large banks such as DNB and Sparebank1 have their own friend solutions. – We are experiencing an increasing demand for loans from friends, says bank manager Terje Solvik at DNB. Kasper has a recent bachelor’s degree in economics and management and a permanent job, and together with Matias, more space could also be prioritized with a larger budget. – By joining forces, we manage to get more housing for the money, and we also get an extra bedroom, which we can rent out, says Kasper. REBUILDING: Kasper Olsen and his mate are renovating the rooms, and get an extra bedroom that can be rented out. Photo: Theo Aasland Valen/news The mistakes you must avoid Signing loan papers together also entails a great responsibility that can cause trouble in your personal finances. – Vennelån is a great scheme for getting into the housing market, but there are many pitfalls, says lawyer Rida Arshad at the Home Owners. She emphasizes that you should clarify both financial, legal and practical matters in advance. This means that friends must have a good written agreement. In addition, you should buy with a friend who can handle the finances well, according to her. If the friend is unable to pay his part of the loan instalment, you become responsible to the bank yourself. Pitfalls: Lawyer Rida Arshad advises young people to sign a contract when they buy a home with friends Photo: Rikke Åserud/Huseierne Maintenance is also an ongoing expense that must be managed. – When you own something together, everyone must contribute to maintenance and to unforeseen repairs, so it is good to have a plan for how this will be distributed, says Arshad. What if one gets a girlfriend? Such an agreement to own together must also say something about what happens to the joint property if the living situation changes. – A lot can happen. You can get a girlfriend, a new job somewhere else, or travel plans. Situations can quickly arise where one or both of them want to sell and move out or a wish, says Arshad and continues: – Then it is important to have an agreement in place that regulates how this is to be handled instead of there being large and serious problems. The comrades Kasper and Matias have such a co-ownership contract in place. They expect that they will avoid pitfalls and that it will be a successful co-ownership period. – We hope we will be finished in here by Christmas, so that we can move in then, says Kasper Olsen. ALL FREE TIME: Kasper Olsen and his friend spend all free time rebuilding and refurbishing. In addition, they get a lot of help from friends and family Photo: Theo Aasland Valen/news Published 02.11.2024, at 08.20
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