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Are you trying to save the 10% or 20% deposit to buy your first property?
And are property prices rising so that you never seem to get in front with your savings?
So this means that unless you can access some sort of equity or get a helping hand from parents or relatives being a guarantor, breaking into the property market can seem like a long and far reaching goal that you might never reach.
Well there is a solution for the smart and savvy person to finally become a property investor.
Have you ever thought of pooling your resources with a friend or 2? Friendship can be a funny thing, and certainly can be beneficial when you are sharing the costs around. Be mindful though of the pitfalls, as it can also turn your life upside down if it all falls apart.
Co-ownership, that is buying an investment property and sharing the cost with a friend or 2, can be of prolific benefit, especially given the escalating cost of property and rising cost of living. Sharing the costs around can also assist when any unexpected maintenance occurs or rates and insurance are due. In addition, the inevitable short fall that occurs when a property is negatively geared, can also be shared between the partners. Remember that all these costs and responsibilities will be tied up into a legal document where all parties will be protected.
Also remember, that this is also a way many young people buy their first home, by sharing the costs with a friend after moving in together. In addition, many couples have successfully bought their first home by joining resources after they first meet. The fact is that 2 incomes will always allow those people who want to access the property market to do so with a far better choice than most.
So if you are limited by a single income and want to get into the market, or are having trouble getting finance, or even think it would be easier to make payments with an investment partner, then sharing the burden can be a good way to get started.