I'm currently renting, is co-owning a real option for me?
Anyone who aspires to the dream of home ownership, can sometimes feel trapped in a rental cycle. You may need to rent in a certain area for work or lifestyle but with no chance of ever buying there.
The cost of buying a house is 7.2 times the annual income of a typical household, up from 4.2 times annual household income 15 years ago, according to CoreLogic. So it’s not surprising that so many renters find the transition to a traditional property ownership so hard, with housing affordability worsening over the past 15 years by every measure.
The largest obstacle is often saving for a deposit. Imagine if you only needed ½ or ⅓ or ¼ of a deposit?
Co-ownership can be viable option by co-owning with 1, 2 or even 3 others. By teaming up with a friend, family member or Kohab community member you'll be able to buy in the area you want while sharing the statutory expenses of buying e.g. deposit, conveyancing, legals etc..
Right now your rent is helping your landlord pay down their mortgage, think about that money instead paying down your own home and creating equity!