Co-ownership Advice




 

Top 10 Co-ownership Tips

  • Tip 1: A legal contract is critical
    Whether or not you are related or friends with the person you buy with, do not consider becoming a co-owner without a legal contract. The co-ownership agreement will go a long way towards protecting your position. This could be the most important decision you make on the co-ownership of your property.
  • Tip 2: Less is more
    Keep the amount of co-owners to a minimum if you can. For obvious reasons, this will reduce the potential for complications arising from dealing with the changing circumstances of multiple co-owners.
  • Tip 3: Choose your partner(s) wisely
    Choose someone who you think you will get along with. Someone who is on the same page as you and whose plans complement your own. Use our advanced search form if you have a specific search criteria or particular circumstances you would like to address.
  • Tip 4: Get the balance right
    Carefully consider your contribution towards the cost of buying the property. Use our co-ownership calculator to help you estimate your share of the mortgage repayments and to compare with the cost of purchasing outside of a co-ownership arrangement.
  • Tip 5: Buy wisely
    As with any other property investment do your market research, buy in the right place and at the right time.
  • Tip 6: Choose the right mortgage
    It's more than likely that you'll be locked in to your mortgage for a number of years, therefore it's worth spending time thoroughly checking out which financial institution is offering the most favourable lending conditions.
  • Tip 7: What's the deal?
    Be upfront with your intended co-ownership partner. If co-ownership is a long-term plan for you, make this clear and look for a partner with a matching timeframe.
  • Tip 8: Protect your investment
    Find out what types of insurance you need to protect yourself and your asset. Consider your accounting needs (would setting up a trust fund be of benefit to you?) and consult a financial advisor with a firm grasp on the ins and outs of co-ownership.
  • Tip 9: Know your rights
    Inform yourself on the legal aspects of co-ownership in the country or region where you plan on purchasing property. For instance, in Australia all co-owners have a right to access to the property.
  • Tip 10: Keep your personal relationships intact
    Make co-ownership a business arrangement not a loose arrangement between family and friends. Keep your personal relationships separate from your business ones. Start searching for your property partner here.

Visit our FAQs page for more information on co-ownership.

DISCLAIMER: none of the above information is intended as professional, legal or financial advice. We recommend you contact the appropriate professionals before committing to any decisions or contracts in relation to the purchase of property.