Buying a home is probably the biggest financial commitment you’ll ever make, so hopefully we don’t have to tell you to choose your property purchasing partner wisely. Someone who you know honours their financial commitments, and who is aware that buying a home comes with a lot of ongoing costs that aren’t an issue when renting.

To make sure you’re both in a position to manage your money accordingly throughout the buying process and beyond, use our handy savings goal calculator to help you save for your deposit, and plan your budget for the next 12 months.

When you agree to buy a place with a friend or family member, it can be easy to get caught up in the excitement and optimism, but the reality is, you both need protection in the form of a co-ownership agreement.

This is a legal document that sets out your commitment and expectations of each other from day one, and should outline what steps are to be taken in the event of a falling out, or if one of you encounters financial difficulty.

Now that you and your property BFF have agreed to buy together, it might be time to consider your level of personal insurance. After all, you’ll soon be responsible for meeting higher financial commitments than you’re used to.

Getting the right Home & Contents Insurance to cover your new acquisition is a good place to start. If you’ve never looked into it before, maybe take the time to consider some Income Protection Insurance and/or Life Insurance.

Speaking to a Financial Planner is a great place to start.