Terry was looking to buy a 2 bedroom home in Sydney and came to us to arrange the investment mortgage. As the property was 17 years old, there had been some renovations completed inside the unit and some repairs were still being made to the common property.
As the property was selling at auction there were a number of things to consider, particularly because Terry was buying into an existing strata plan property.
Here are some of the things we discussed.
With increasing housing prices, changes in our spending and saving patterns, the ongoing uncertainty from the GFC and uncertain government economic policy, many people are now looking to Co-Ownership as a way to enter the property market with lower cost and lower risk. Simply put, Co-Ownership is now mainstream.
When a single property is owned by more than one person (or company) it can be owned either as;