I Challenge You To A Dual...Living Arrangement

Much has been said about the first home buyer and how they are all but shut out of the market. It’s true, the prices of property are enough to give you goosebumps these days and turn your hair grey! That is, of course, if you are thinking along conventional terms but why would you?

You might be corralled into mainstream thinking because you may not have heard, there are other paths into home ownership. Stop thinking like a herd of dazzled gazelle, who are instinctively drawn to group behaviour: one flinches and runs, the pack follows without question.

Creative and lateral thinking are the tools needed for the many who face being locked out of the property market. So let’s get thinking!

I put it to you, that with a bit of guts and gusto, you can not only enter the market but do it with relative easy and not sacrifice your lifestyle. Impossible, I hear you shriek. No, really, it’s true.

Have you ever thought of co-buying a property? Have you ever heard of Home Addressed? Have you ever heard of dual occupancy? These are the keys to your future. If you take heed, you will succeed!

Home Co-ownership
This is where, really smart people pool their resources to fund a deposit and ease mortgage repayments, effectively halving them. They buy together, they also share the onerous costs associated with owning your own home. The buying structure is usually a tenants in common arrangement. The arrangement should last for a minimum of two years after which time the duo or trio can sell, thereby having enough for their own deposit or use the equity and buy again as co-owners. This is a fast track to home ownership but a word of warning…DO NOT consider this structure unless you invest in a co-ownership contract. You wouldn’t buy a house without insurance, you wouldn’t drive a car without insurance, you wouldn’t travel without insurance…get my drift? Consider for a moment, those who do make large investments and don’t protect themselves…great if things don’t go wrong but veritable disaster if they do. Co-ownership contracts are like an insurance policy protecting each parties’ interests and offering sweet peace of mind…don’t buy a home without it!

Home Addressed
This is the site that can make home co-ownership happen for you. It loads you up with information, practical tools like actually finding a co-buying buddy online, compatibility testing even feng shui tips once you find your abode. There is no other site like this that is so refreshingly geared to the aspiring home owner. Visit, browse and utilise the many components available to you. There is even a co-ownership contract ready to go at a fraction of the price that a solicitor would charge…and you only pay half because you co-buy it!

Dual Occupancy
Now this is a gem of an idea. How about buying a house that will enable you to rent half and live in half. At the risk of sounding obvious, you will be able to fund your own home. How many people can put a claim to that? I have an actual example of what I mean. Right now, in various parts of Australia, certain builders are flexing their grey matter and coming up with solutions for those looking for a great investment with a high return or homebuyers who want to fund their own purchase but also live in their own house, voila’ … enter the dual occupancy.

The place: Ipswich Queensland

What’s been said about Ipswich…
Ipswich has a wonderful combination of affordability, lots of jobs, and good transport links. It maintains a more relaxed lifestyle with excellent community facilities and services, business, education and lifestyle facilities.

Price and house specs:
TOTAL TURN KEY PACKAGE PRICE: $440,950
5 BEDS, 3 BATHS, 2 CARS
* Fixed Cost Site Works (including retaining if required)
* Stone Bench top to Kitchen
* Stainless steel appliances
* A render finish
* Alfresco under main roof
* Leaver door handles right through
* 2 split system Air Conditioners
* Digital TV Antenna
* Modern Lighting
* Energy Efficient
* PLUS MORE! Please ask for full inclusions list
* Reports available: Area Profile and Terry Ryder Investment Report
* Tax Depreciation Document
FOR SALE: $440,950

Features: Pay only one rates payment No body corporate fees tenants pay the power and the water (separately metered) Managed as two separate tenancies - with two separate rental incomes!
RENTAL ESTIMATE: $600 to $620 per week total income. That is a huge 7.3% gross return
RENTAL DEMAND: HIGH! Due to the growth and development, infrastructure improvements, and employment opportunities there is huge demand for rental housing.

So let’s do some calculations:

1. House price:$440,950.
2. You split this with your co-buying partner: $220,475
3. Rent out the second dwelling which has 3 bedrooms for $300 pw and that’s a big boost to your mortgage.
4. At 5% principal and interest on $220,475 a monthly repayment of $1,183.56
5. Weekly payment is $295.85.
6. Add the $150 pw (that’s a projected amount, could be more, could be less) and you pay $145.855 pw

I bet that’s less than you are paying now for rent and that has to be a good thing because you start to pay off your own house, not that of your landlord’s!

I am able to put you in touch with the builder should you wish to snap up this opportunity or scout around for others.

Remember: there are those who make things happen, there are others who watch things happen and there are those who wonder what happened. Which one will you be?

 
Find out more...
thechallenge@homeaddressed.com.au