Jump to content
SAU Community

Advice On Getting A House

MUZT3K

By MUZT3K,
in Victoria

 Share

Recommended Posts

R31Nismoid Grand Master

R31Nismoid

Posted
Posted

Lol whatchu talkin about Alex. I'm sure he knows that, but his talking about possibly buying a house with a friend and having the title

But that was soley dude to not contributing as initial deposit.

Alex just said in numbers what i meant.

Work it out as a % of the deposit vs house purchase price and then an allocation of share/value from there. It's really not difficult.

I'm looking at doing a similar thing with my brother in 2012. It'll be built around not only deposit but also how much who pays off each month etc as i earn significantly more. It's all easy to workout if you both approach it from a logical standpoint. If you can't do that, then forget buying a place together.

And ye - wimmins, always the sticking point. Hence when getting somewhere that is 2bdr, make sure it is nice and SIZEABLE. Get a 2bdr shoebox and then one has a mrs that moves in, 6 months later there is no room to move and people be ready to kill each other.

Deal goes to shit and you both lose out because of it falling apart.

W0rp3D Grand Master

W0rp3D

Posted
Posted

I would do it but 2 things for sure, put your name on the title and get a contract, just make sure its noted on the contract that he paid the deposit and he owns an extra percentage depending on how much the deposit is, if you ever go for any sort of loan out side the house then equity in the house is an asset but if your name is not on the title then i doubt the banks would accept it.

It could well end up in a shit fight but if he is a very good mate and you trust him then go for it, i would also take nismoids advice on plenty of room, expect there to be 4 people living there at times.

If after a few years you come to the conclusiuon that its not work out then sell the house (or one buys the other half) and split the equity.

W0rp3D Grand Master

W0rp3D

Posted
Posted

Yeh it can deffs can work just gotta pick the right person.. Spose it's no more risky than any other two ppl buying house... So much divorce these days you wouldn't believe it

they say the divorce rate is 50% and climbing, probably close to that with long term mates too but you dont have to shell out for a ring and a wedding and keep paying for annoying little shit heads that you only get to see every second weekend if your lucky lol, and no i dont have kids or an ex wife!

some_cs_student Veteran

some_cs_student

Posted
Posted

Keep in mind that in a partner situation the first home owners grant is used by both people when a property is purchased, and you only get it once.

I assume it would be similar when purchasing with a friend.

Good luck!

MUZT3K Veteran

MUZT3K

Posted
  • Author
Posted

Yeh working in real estate opened my eyes to divorce rates. Wouldn't have believed it otherwise to be honest.

Muztek anyreason u don't want name on title ?

No reason really, i havnvt looked into it much really yet, so i thought a house can only be under 1 persons name. so from this thread ive gathered you can put a house under 2 peoples name?

and my mate is looking at a town house at the moment and were thinking of buying off plans so save the stamp duty etc but yer im going to go have a chat with a lawyer

R31Nismoid Grand Master

R31Nismoid

Posted
Posted

It's just like a rental, you can have as many names as you want.

As Gareth said, you will lose the first home buyers, which honestly isn't "really" a problem.

To then quality for it you would need to purchase another place, move into it etc (or fake it, and have someone staying there off-books, another risk).

Basically getting a 1st Home Buyers grant (for you both, over 2 places) isn't going to happen unless you dodge it up in the short term.

So what you would also do as part of the agreement, is split the "value" of the FHB between the two of you as you are both effectively giving up your eligebility.

He could argue he wants full value due to him supplying the deposit but that's something you'll need to workout between yourselves.

Issue down the track there after you need to then think about is furnishings and what not. Again it can get "petty" if things go sour in a few years time with regards to who owns what, who brought what to the house etc.

Same goes for any spending on property improvement and so on.

Sounds like a mine field, but approached logically and everyone keeps honest records - it should be straight forward

alr33x Grand Master

alr33x

Posted
Posted

Yeh can be in multiple names best to split the fhog, saving on stamp duty will be a big help whatever % deposit he stumps up should be equivalent to his totall greater % as that money would otherwise grow exponentially plus the interst he is saving u both over the duration of the mortgage so if he pays 10% and everything else is paid 50/50 I'd except 60/40 split in the future if it were me

saff_cossie Grand Master

saff_cossie

Posted
Posted

Have been through this recently. Tennants in Common as Ruffel's said is the more common way of doing this. Mine was a simple 4 pager but had a few other clauses in there including minimum sale price, permission to reside in the property etc (is rented out at the moment).

Few tricks can be done with the mortgage too so you can each have your own subset of the overall. Definately recommend getting a lawyer to do it. Max $1000, any more and it is getting too complex and they are spending too much time on it.

Don't forget all the other things a bank looks for though, savings history, rental history etc.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing


  • Similar Content

  • Latest Posts

    • MBS206
      Duncan's V37.......race car?

      By MBS206 · Posted

      Even more fun, leave all the ADAS stuff plugged in, but in different locations, hopefully avoid any codes!   And honestly, all these new cars with their weird electronics. Pull all the electronics out Duncan, and just shove an aftermarket ECU and if needed a trans controller in, along with a PDM. Make it run basic but race car styled!
    • Duncan
      Duncan's V37.......race car?

      By Duncan · Posted

      To follow up a question from earlier too since I had the front bar off again (fking!) This is what is between the bumper and the drivers side wheel And this is the navigator side, only one thing but its a biggy! So basically....no putting coolers in the wheel arches without a lot of moving other stuff. Assuming I move to properly race prepping this car I'll take that job on and see how the computers respond to removing a whole bunch of ADAS modules
    • Duncan
      Duncan's V37.......race car?

      By Duncan · Posted

      So I prepped the car for another track day on Wednesday (will be interesting to see coolant temps post flushing out and the larger reservoir, with a forecast of 3-14 being 20o cooler than last time I took it out). Couple of things to mention; since I am just driving the car and not taking a support vehicle, I took the rear seats out and just loaded the back up Team Trackday style. Look at all that space! To cover off removing the rear seat....it is weird (note the hybrid is probably different because it wouldn't have folding rear seats) Basically, you remove the lower seat base, very similar to a r series but it is a clip that pulls forward to release the base rather than it being bolted down. Easy Then, you need to remove the side section of the rear seat on each side. There is a 14mm head nut at the bottom of the side piece, the it slides upwards off a hook at the top to release; you also need to unhook the seatbelt from the loop at the top. Then the centre piece is weird. You need to release/fold the seats forward with the tab in the boot on each side From there, there are 2,x12mm headed bolts holding the rear of each seat to the folding bracket, under the trim between the rear seat and the boot (4x christmas tree clips there, they suck). The seat is out but you can see where the bolts attach to the bracket
    • RP1421
      S15 Spec R

      By RP1421 · Posted

      As discussed in the previous post, the bushes in the 110 needed replacing. I took this opportunity to replace the castor bushes, the front lower control arm, lower the car and get the alignment dialled in with new tyres. I took it down to Alignment Motorsports on the GC to get this work done and also get more out of the Shockworks as I felt like I wasn't getting the full use out of them.  To cut a very long story short, it ended up being the case the passenger side castor arm wouldn't accept the brand new bush as the sleeve had worn badly enough to the point you could push the new bush in by hand and completely through. Trying a pair of TRD bushes didn't fix the issue either (I had originally gone with Hardrace bushes). We needed to urgently source another castor arm, and thankfully this was sourced and the guys at the shop worked on my car until 7pm on a Saturday to get everything done. The car rides a lot nicer now with the suspension dialled in properly. Lowered the car a little as well to suit the lower profile front tyres, and just bring the car down generally. Eternally thankful for the guys down at the shop to get the car sorted, we both pulled big favours from our contacts to get it done on the Saturday.  Also plugged in the new Stedi foglights into the S15, and even from a quick test in the garage I'm keen to see how they look out on the road. I had some concerns about the length of the LED body and whether it'd fit in the foglight housing but it's fine.  I've got a small window coming up next month where I'll likely get a little paint work done on the 110 to remove the rear wing, add a boot wing and roof wing, get the side skirt fixed up and colour match the little panel on the tail lights so that I can install some badges that I've kept in storage. I'm also tempted to put in a new pair of headlights on the 110.  Until then, here's some more pictures from Easter this year. 
    • joshuaho96
      R32 GTS (RB20DE) Injectors Replacement

      By joshuaho96 · Posted

      I would put a fuel pressure gauge between the filter and the fuel rail, see if it's maintaining good fuel pressure at idle going up to the point when it stalls. Do you see any strange behavior in commanded fuel leading up to the point when it stalls? You might have to start going through the service manual and doing a long list of sensor tests if it's not the fuel system for whatever reason.
×
×
  • Create New...