You don’t have to go it alone to get into the property market, says the Real Estate Institute of Queensland. The REIQ says there are a number of options available for those who may not have the wherewithal to purchase a first or new home buy themselves.
We'll examine one option today - "Co-buying"
One option is Co-buying - also known as shared ownership, joint ownership or co-ownership.
This is when two or more people decide to spread the financial burden and buy a property together. Parents are buying with their children; siblings are buying together, as are friends, extended family members, even colleagues.
By joining forces, you can afford somewhere bigger, better and sooner than you could alone.
For investors, the obvious advantages include the reduction in capital required, the reduction in other associated costs involved in buying a property - and as a result - the reduced risk, especially when better locations can be made more accessible.
"It is important to remember that a mortgage mate, a co-buyer or a co-investor is in essence a partner. There are significant legal and financial obligations to consider and plenty of due diligence is called for," REIQ managing director Dan Molloy said.
"It is vital that all parties have the same intentions and goals and a legally prepared document - such as a Deed of Trust - is advisable for anyone entering into a co-buying arrangement."
If you are considering this path, please talk to us about getting reputable legal advice. We deal with exceptional property lawyers and can help ensure you get the best advice. Contact us on 1300 911 576 or send us an email at enquiries@morpheusproperty.com.au.
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