Anyone co-owned a house
Posted 28 April 2010 - 08:29 PM
Hubby has suggested that we look into buying a house with another person/couple.
I am looking for experiences, info and any helpful hints.
Posted 28 April 2010 - 08:55 PM
I've never done it not in a formal situation, but I'd want a very very tight contract drawn out, and to find co-owners that I could communicate easily with.
Posted 28 April 2010 - 09:02 PM
I agree with Amy , definately look at getting a formal written legal agreement written up covering all possible scenarios, that way it is well and truly agreed to prior to the purchase. There has to be property lawyers that will advise you.
Good luck, Kimba
Posted 28 April 2010 - 09:17 PM
While it is not necessary these days to both have sufficient borrowing capacity to cover the loan, any future loans that you take while still owning that property will have to include the entire debt. In cases where you jointly own an investment property, your liabilty on the property will be for the entire loan amount but you can only use half if the rental income as you only receive that half as your own income.
Like others have said, it can get really messy. Have you thought about buying something small or further out of town than you want? Live in it for 6 months to claim first home owners grant, then rent it out. Gets you into the market and you can sell down the track when you make a profit and use that deposit for a bigger place/location you wish to live.
Posted 01 May 2010 - 02:03 PM
Just so blessed: Keely Grace, Imogen Elise, Jakobi Jai and my better half Steve
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