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 popular way for Kiwis to enter the property market by pooling incomes and KiwiSaver funds. This method helps share the initial purchase price and ongoing costs like rates and insurance.
However, be aware of the risks, including linked credit records and full liability for the mortgage if a co-owner defaults. A comprehensive Property Sharing Agreement, often structured as a "tenancy in common", is essential and best prepared by a lawyer.
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
Discover More
He took on a run-down cottage expecting a quick flip. Then he discovered what he'd really bought
A planned six-month flip became a seven-year restoration of Katherine Mansfield's childhood holiday cottage.
Auction, Tender, Deadline Sale or Negotiation? New Zealand Property Sale Types Explained
We break down the four most common property sale methods so you can buy or sell with confidence.
Search
Other articles you might like
