Browse Forums General Discussion 1 May 25, 2015 4:09 pm Hi There, Has anyone on this forum ever heard of sharing the cost of a home between multiple buyers/investors? With the property market being the way it is, its often unattainable for people to own their own home. What if you pooled your funds with other like minded people and shared the cost in buying or renovating?? Has anyone done this, know anything about it or would be interested in doing it?? I'd love to hear from you Anthea Re: Buying a home and sharing the cost??? 3May 26, 2015 9:24 am Yes ,our next build will be a 4 unit/small site with 4 owners (all family members) should save approx.30% on perth prices. Goodluck Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Buying a home and sharing the cost??? 4May 27, 2015 6:28 pm If you are talking about a group of people pooling money to buy a house, it can be done where the owner is a company and all those people own a share of it. But the real question is, how are you going to share the actual house?! It's easy if that's a penthouse or something like that where there is only one owner and sell the "usage right" in time slot for that area. I know there are places in Melbourne with this practice. But I don't think that will work with a house, especially with everyone wants to live in. The problem will come afterward. But if you talking about getting a block and subdivide it into units/townhouses etc, then yes. It'll work but it'll probably cost you as much as you buy one yourself. After all, someone has to pay the difference. Re: Buying a home and sharing the cost??? 5Jun 23, 2015 4:43 pm You would be then looking to purchase as tenants in common I would imagine, where you can each nominate your share of ownership, and there is no right of survivorship (ie you can deal with your share independently of the other owners and if an owner is to pass away, they can leave their share in there will rather than the surviving owners acquiring the ownership). Even the happiest of relationships can sour so I would absolutely be speaking to a solicitor to determine any formalities you should look to complete, such as a written agreement to deal with all of those tricky situations which may arise, to protect yourself and each other (what if one of the owners gets divorced or sued? Their share will be up for grabs. What if huge costs arose in relation to site works or council? What if not all owners can afford the additional expenses? What if one person wants out?) Lots to consider but it can be done. Also chat to an accountant in relation to structuring it tax effectively M Y C U S T O M C O R A L B R O N T E 43 ...............Kitchen! 16 Nov 2016 https://forum.homeone.com.au/viewtopic.php?f=31&t=79581 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16286 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6445 7 12016 |