40% of young Australians want to buy a house with friends

40% of young Australians want to buy a house with friends - Photo 1.

Young Australians are choosing to buy a house with friends – Photo: SMART PROPERTY INVESTMENT

Buying a house with friends is a popular choice recommended by young people as a way to enter the real estate market.

With a small amount of money, young Australians aged 18-29 are willing to cooperate with friends to buy a house.

Gather the wind of hope into a storm

Young people buy houses in an area they can afford to invest in and rent out to others.

First, they buy a house to rent out. Then take the rental money to rent another apartment to live in.

Young people reason: With a small amount of money to buy a house, they are not enough to buy houses that are suitable for their lives. Therefore, it is only possible to choose “affordable” apartments that do not suit your preferences.

They hope that after the rental period, accumulating more money will gradually change to better and more suitable houses.

The most popular tactic for entering the Australian property market remains the most traditional tactic in the survey.

41% of respondents said they would adjust the amount they were willing to spend on real estate, and 31% said they would trade it off with size, land, yard or outdoor space.

Meanwhile, 28% said they were willing to give up their preferred location to get a home. 10% said they would not be willing to compromise at all on their wish list.

The financial plan to buy a house must be tight

NAB’s chief executive officer for housing, Andy Kerr, said young people are getting more and more creative when it comes to making their dream of owning a property come true.

“Young Australians don’t let meeting a partner or marrying late stop them from owning a home now. People are definitely looking at their options and broadening their thinking to see if they can buy with someone,” Kerr said.

Mr. Kerr added that despite rising costs of living and interest rates, many first-home owners still want to get into the real estate market. Youth makes them more open to trying new ways to achieve their dreams.

However, in the face of a big trend of young people, Mr. Kerr gives advice: No matter who you buy with, it is important that you discuss carefully how the two parties will save the deposit together. , property agreements and meeting ongoing repair costs.

“Buying a home is the biggest purchase most of us will make in our lives, so it’s well worth considering or getting an attorney involved to put your mind at ease,” he says.

English: Young people live with their parents, don't buy a houseEnglish: Young people live with their parents, don’t buy a house

TTO – Financial pressure has “keep” British sons (in their 20s) in their parents’ nests longer than before because they don’t want to escape the “safety of the family” to worry about buying a house of their own. , according to a recent government statistics on family life.

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