If you’ve ever decided to purchase a new property with a mate, sibling, or with your parents, you’re not alone. The ever-increasing property costs and fear of missing out (FOMO) drive more than 25% of Aussies to buy a house with non-traditional partners.
Young Australians are now opting for an “ours” approach than a mine mindset to break into the property market. That approach is primarily due to the housing costs and fear of missing out, which affects roughly 35% of new house buyers in Australia.
What Drives the Co-Ownership Trend?
As discussed, the ever-increasing price of residential properties is driving Aussies to team up with their mates and families when purchasing a property.
It also helps them distribute the financial risk evenly between the buyers if something goes wrong during or after the purchase.
The fear of missing out is also common to young people from pressure from their family and friends, as stated by 40% of potential home buyers.
Challenges On Co-Ownership Buying
If purchasing a new house with a mate or sibling works for many people, why don’t everyone opt for it?
That’s because a few challenges may arise depending on your situation.
One of those is the possibility of dispute between co-owners or putting them under pressure because of the purchase. If one owner fails to meet the other’s expectations or payments, it may put pressure between them.
On the other hand, about 10% of potential new home buyers have no idea that co-ownership is an option for property purchasing. While many people know about this option, some venture into co-ownership because of the complicated process.
But with a specialist mortgage broker on your back, you can venture into co-ownership as long as it’s possible and ideal for your financial situation. We at Plan A Mortgage can also help you meet legal obligations and discover the suitable loans for funding.
Reach Out to Discover Co-Ownership Options Today!
At this point, you already know that co-ownership just doesn’t work for everyone. But depending on your situation, you may want to consider this a viable option.
Don’t hesitate to reach out to us if you’re considering buying a property with a sibling or a mate. Our specialist mortgage brokers at Plan A Mortgage can take you through several opportunities and structured options.
We can also give insights about potential hurdles along the way so you know what to expect. Otherwise, we have plenty of other buying options and government grants, and schemes that might work best for you.
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