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Unlock your property ownership options
From going solo to co-buying, the structure you choose could be key in achieving your goals.
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- Unlock your property ownership options
When it comes to property ownership structures, there is no one-size-fits-all approach.
So, whether you’re thinking about going it alone or teaming up with others to get onto the property ladder, let’s talk about your options.
Buying solo
Buying property alone is known as sole ownership. As a sole owner, you have the decision-making power to lease, renovate, or sell the property.
It also means that financial responsibility will fall entirely on your shoulders. So before jumping in, create a budget that considers all expenses including the initial deposit, ongoing loan repayments, rates and maintenance costs.
Co-owning with your partner, family, or friends
Buying property with loved ones can be an exciting venture. However, it’s important to consider whether a joint tenancy or tenants in common structure works for you.
Joint tenancy is where you and your co-owners all hold the property together. This is a common option for married and de facto couples, particularly when all assets are shared.
Being tenants in common is a more flexible structure that supports those with different interests and financial capacities to buy together. Depending on the circumstances of the co-owners involved, you may agree to hold unequal shares in a property.
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Investing through a company or trust
A trust is another option you could buy property through. Generally, trusts involve the holding and management of assets on behalf of beneficiaries. While it can be a more complex way of owning real estate, it could provide asset protection, tax flexibility, and estate planning benefits.
A company is a legal entity that can buy, sell, and take out loans on property. Depending on the structure, a company could protect shareholders from personal liability of company debt while potentially providing tax benefits and asset protection.
Chat with an expert
There are many ways to own property — it’s just a matter of finding the structure that helps you achieve your goals. It is important to discuss these options with a lawyer or accountant before making your choice.
For guidance on your lending journey, speak with your local Liberty Adviser today.
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