Can I (and should I) buy a property with a mate?
You’ve bought beers with your mate, bought a boat with your mate, but should you buy a house with your mate? The answer is yes and it’s happening much more often.
Since the price of properties in Auckland has risen so greatly, it’s nearly becoming a near necessity to partner up with someone else to purchase a home.
You are able to still use the same method of deposit as any other purchasers, for example your own savings, Kiwisaver, or the HomeStart Grant.
A great recommendation if you are purchasing with friends, is that you need to ensure you understand what each person’s 5 year goals are, and have an exit plan for if things change.
If you are on the same page, that’s great then go ahead and get stuck in. If you aren’t, then you really need to consider whether purchasing a property together will really work out, or is it going to be more drama than a good asset?
In either instance it pays to get some good advice, so If you are having a chat with a mate over a few beers, and you think it’s something you would like to look into, then I’d love to chat to you.
Contact me today on 021 662 205 or email@example.com