Creative solutions for young buyers

Everyone has heard of the bank of Mum and Dad and that can be an option for some people.  However, if it is not an option for you another option may be to pool your resources with like minded people who are trying to achieve the same goal.

As reported on the Elite Agent website, there has been a new study from NAB which has found that 40% of Australians aged between 18 and 29 would consider buying property with family or friends to start their property journey.

This is an option that I actually did myself.  I bought my first home with a friend as we were sharing a house together anyway and didn’t want to be paying someone else’s house off.  By pooling resources and buying a property together we were able to increase our purchasing power and buy a more suitable property for us and then when life’s circumstances changed we were able to sell the property and separate our finances.

Although mine was a success story, you need to do your own research and choose your house buying partners carefully.  Essentially you are entering into a business transaction and you should treat the whole exercise as a business transaction because sometimes the relationships can change and it can get quite difficult.