Is not an unnatural first reaction when being asked if you would co-own with a stranger. After all, who grows up thinking that at the age of 20, 30 or 45 they are going to buy their first home with three other people!
But living with other people, who initially start off as Strangers is actually something we do pretty often.
In our 20’s we may decide to go backpacking for the first time, and with this comes the opportunity to stay, work and live with other people in hostel accommodation. Whilst this accommodation isn’t always long term, it is the first time we often spend intensive periods of time with people we have never met before. We share a room to sleep in, a kitchen to eat in and develop a community based on experience, aspirations and future hopes and dreams.
We may even develop long term relationships with the people we share a hostel dorm with, going from Strangers to Mates in only a short amount of time. These friends often remain life long and join us in our future experiences despite not knowing them a short time ago.
In addition to travel, there are other times that we chose to share with a Stranger due to study choices or lifestyle decisions.
On the first day of University, you turn up to your Halls not knowing a single person. You open the door to your flat and there starts the process of turning your college room mates into friends. You bond over late night study sessions, too many beers at the Students Union and freaking out about what comes next once university has been completed.
We often spend upwards of three years with the people we meet on the first day of University- spending hundreds of dollars every week paying rent towards some one else mortgage and we don’t event remember a time at the end of it where these friends, a community and family were Strangers to us.
Three years isn’t permanent but it is long term. When we finish Uni and take the next steps in life, we may move to a new city, start a new job, look for new housing and a place to call home.
If you aren’t certain on what comes next in terms of employment, family or future plans you may chose to house share rather than live in your own apartment or house. Depending on what comes next in life, a house share can be a short term thing or a long term home. If you live in an expensive city where renting and home ownership is unaffordable on your income, it may not be a choice, but a requirement to be able to live there. Again you are paying some one else mortgages whilst living with people who you previously haven’t met before.
Mortgage Mates is just the next step in a journey of turning Strangers into Mates whilst enabling you to have a home. Whilst buying a home with three other people may seem different at first, it is the same experience as staying in a hostel, starting University or living in a share house. The only difference this time is that rather than paying some one else mortgage, you are paying off your own!
In coming weeks we will be showing you what the difference buying with others can make the to the household you can live in and own. For the same cost ($250,000) you can either buy a 26sq apartment or a 1/4 of a thousand square feet property with pool and games room!
Before you decide that you definitely could NOT live with a stranger, remember you probably already have.