01 Jul Riding the property market wave with family or friends
Written by Eugene Reinboth
With the rise in property prices, one of the approaches for a person to enter the property market is to turn to family and friends to help buy a home or investment property jointly.
There are obvious advantages – such as being able to buy into a desirable location or to get a better quality property than would otherwise be possible individually. As the acquisition and ongoing costs such as rates and taxes are split, each co-owner’s proportion is more affordable.
To be successful, it is essential that the co-owners be compatible. That helps harmonious decision making with less downtime with arguments.
Additionally, a co-ownership agreement prepared by a lawyer will go a long way to dealing with predictable and unforeseen events.
Who is to pay what and when? What if one wishes to leave? What if there is no consensus as to a particular matter?
These issues can be dealt with in a formal agreement at the beginning, rather than when an event is upon the participants.
Charlie Belperio or Eugene Reinboth from our property team would be pleased to assist you in such matters and are available on (08) 8212 1322 during office hours.