It’s no big news flash to say that buying property is an expensive activity, whether you’re buying a home or an investment, but there’s a new buying trend that’s making it possible to enter the market easily and quickly.
In the past 12 months there has been an increasing number of people who are taking the opportunity to ‘buy with a friend’.
There’s now even a range of government grants and stamp duty exemptions that apply to people who want to take the path of co-ownership in order to purchase property.
Of course, buying with a friend or family member should be actioned carefully, however co-ownership offers huge financial benefits if you get it right.
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Co-ownership can halve the amount of money normally required for a deposit, stamp duty and related purchasing costs will also be halved, and the workload of purchasing and owning the property can also be minimised – as long as you get your approach right to start with.
Taking the step co-ownership should be discussed with care, and one way to manage the agreement side of things is via Co-operty.
Co-operty, facilitates an independent, standardised co-ownership agreement that brings all parties together equally, outlining individual rights and obligations as well as defining how to deal with situations such as default, exiting and other key decision making factors co-owners should consider.
The agreement is developed and produced via an easy-to-use digital app that takes the complexity out of implementing the co-ownership arrangement by supporting each buyer through a digital process, step by step.
How it works. . .
FOR MORE INFORMATION – Please visit the Co-operty website – https://co-operty.com/
About the author
Debra Beck-Mewing is the Editor of the Property Portfolio Magazine and CEO of The Property Frontline. She has more than 20 years’ experience in buying property Australia-wide and has extensive experience in helping buyers use a range of strategies including renovating, granny flats, sub-division and development. Debra is a skilled property strategist, and a master in identifying tailored opportunities, homes and sourcing properties that have multiple uses. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics. She is also an author, podcast host, and participates on numerous committees including the Property Owners’ Association.
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Disclaimer – This information is of a general nature only and does not constitute professional advice. We strongly recommend you seek your own professional advice in relation to your particular circumstances.
