Buying A House With Half A Mortgage
I know, it seems insane, buying a house with half a mortgage! As amazing as this might sound, it is very attainable. Home Addressed, has found creative ways for people who are priced out of the market to become homeowners.
Imagine, living in a share house, thinking that this is your housing future. According to recent Australian Bureau of Statistics figures, it takes 5.8 years for the average homebuyer to save a 20% home deposit. By that time, the average buyer is in his/her mid to late 30s. What if you could cut this time in half? Why not consider co-buying? Why not put it to your housemate to pool your funds and buy a property together? Instantly, the proposition of becoming a homeowner becomes attainable. If you can’t find anyone with whom to team up, the Home Addressed site has people on the database who are ready, willing and able to buy with a co-buddy. Make contact and see if you are suitable co-buying partners. Registration is free.
You may want to buy with a brother, sister, cousin or friend; it really doesn’t matter as long as you have a legal agreement between you to ensure that things don’t go wrong. Home Addressed has an agreement that can be purchased online costing a fraction of the cost charged by a lawyer. It is strongly advised that you have a co-ownership agreement if you are contemplating a co-buying structure.
Once you have purchased your house, you will only need to pay half of the mortgage, half of the bills, half of the repairs, half of everything! This is a speedy and smart path to home ownership. It need not be for a lifetime, a couple of years, then using the equity in the house, buy another or sell and use the proceeds to buy your own house. It simply makes sense!
Home Addressed has a number of strategies to assist prospective home buyers to save for a deposit too: co-tenancy, housesitting and homestay. The site also offers alternative ways of buying realestate such as vendor financed deposit, to get you into the market even faster.
Home ownership need not be fraught with difficulties and a sense of doom. Home Addressed has solutions and is determined to help you overcome the obstacles to home ownership.
Let’s take an example of a house that has been listed on the local market: Seven Hills. Your opportunity to fast track into your own home happens 6th July in sensational Seven Hills. 41 Veronica Crescent features 5 bedrooms! That’s perfect for co-buyers, live in 2 and rent the others to quickly shrink your mortgage.
Imagine this…you buy the house with half a mortgage and then you rent out 3 rooms…will you have monthly mortgage payments? Probably not. Once you have paid down the mortgage, start renovating. This house is PERFECT for value adding. If you renovate, the possibility of accelerating capital growth will be astronomical!
So now that your future is securely mapped out, find your co-buyer, go see your bank manager and make your winning bid
Let’s find out what Seven Hills residents are saying about their suburb:
About Dianne Ferrara
Dianne Ferrara is the co-founder of Home Addressed.
Home Addressed is an innovative website offering hope to would-be homebuyers who have all but given up hope of home ownership. The strategies and practical solutions provided by Home Addressed have been tried and tested by Dianne and what’s more, they work.
Dianne is committed and determined to helping Aussies reclaim the great Australian dream…their own home.