Buying guide
Alternative homeownership: Buying with family or friends
Homeownership might not be so far from reach.
6 June 2023
AI summary
Buying a home with friends or family is a way for Kiwis to enter the property market by pooling resources and sharing costs. While this makes ownership more accessible, it involves risks like linked credit records and full liability for the mortgage.
A crucial step is creating a legal Property Sharing Agreement. This document, required by lenders, outlines contributions, exit strategies, and dispute resolution. Ownership is typically structured as a Tenancy in common. Not all banks lend to groups.
What you’ll learn:
Pros and cons of buying a house with friends or family
Initial questions to consider:
Tenancy in Common vs Joint Tenancy
Property Sharing Agreements
Not all banks will lend to a group of friends
Author
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