People Are Buying Houses With Complete Strangers
With first home buyers in Australia struggling to get a go with record high real estate prices, a new concept is being used to help younger investors get a foothold in the property market.
Australia’s housing affordability crisis has resulted in a new unorthodox approach to combat the challenges of saving for a deposit and being unable to afford a property in our preferred location.
New research has found that 27% of respondents would consider buying a property with someone else, while a further 9% would consider co-ownership if they were equipped with more information.
David Dawson is the CEO and Founder of Kohab, the world’s first digital platform that connects like-minded people to unique real estate opportunities – and it’s founded in Australia.
“Observing the successes of the sharing economy, in particular Uber and Airbnb, which both had major impacts on their respective industries, we see a great potential for more people to continue to get their foot in the property door by co-owning or co-investing with other people,” Dawson told whimn.com
The platform suggests matches based on their specific criteria.
“This could be a first-time home buyer wanting to get onto the property ladder, by owning (and living) in the property, a parent looking to help their child own property by co-investing with them, or someone wanting to share the use and cost of a lifestyle property,” says Dawson.
“Common concerns around co-ownership relate to finding the right ownership partner (or partners), and what might occur if a partner’s ownership goals change or the relationship turns sour,” says Dawson.
"It will also lay out how the co-owners will deal with any other issues related to the property, including a default plan – to manage any financial default that may occur with respect to the co-owned property. This negates any risks as each party is assessed by their lender individually on the share they are buying, one party’s default is not linked to another party’s lending.”
Would you use a digital platform to help you find someone to share a mortgage with? Tell us in the comments below.