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 viable path to homeownership for many Kiwis, allowing for pooled incomes and shared ongoing costs. Key risks include linked credit records and full liability for the mortgage if one person defaults.
A formal Property Sharing Agreement, drafted by a lawyer, is essential. This document outlines contributions, exit strategies, and how disputes will be handled. The 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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