PodProperty is a new service that helps younger and lower income earning wannabe investors get into the property market by providing the legal and financial assistance to allow groups of people to buy a house together.
PodProperty basically assists groups of people with finding a house to suit their needs through its network of real estate agents, determining their collective borrowing power and obtaining finance, conveyancing and putting in place a legally binding Co-Ownership Agreement between the buyers. The Agreement gives each owner a share of the property according to how much they put in. Co-owners can sell their share to their other owners or to anyone else.
According to the co-directors of the company, Jeremy Levitt and Jonathan Stambolis, “Co-ownership is a common-sense way around the affordability crisis facing the great numbers of young Australians who have been forced to the sidelines of residential property. By taking out the legwork and complications involved in buying a home with others, PodProperty’s co-ownership initiative can significantly reduce the cost of buying a home for an individual because all of the major costs associated with buying a home are split, including the deposit, the purchase price; the mortgage re-payments; and the incidental costs of buying a property (e.g. solicitor’s fees, home insurance, stamp duty, etc).”
PodProperty offers its services free, by receiving a commission from its service providers.