Savings.com.au has already covered buying a property with friends or family, however buyer's agent Michelle May (pictured above) has detailed her tips and predictions on the process, too.
Consider 'creative couplings'
"Perhaps you and your partner have another couple you want to team up with or a colleague looking for an investment. Two friends could decide to buy together and split the equity," Ms May said.
"Of course, parents helping their kids buy a property, whether they're loaning or sharing in the investment, will always be a strategy to consider.
"But with property buying already a pretty stressful and emotional process, things can get complicated with multiple parties involved."
Be wary about going in blind
"I’ve heard plenty of horror stories from friends and clients who have gone into a real estate transaction without any guidance or a formal agreement in place and have ended up worse for wear," Ms May said.
"One sold off some of his assets and re-mortgaged his property to help his son buy his first home. In theory, his son was going to help him pay off his extra mortgage. Unfortunately, he never saw a cent and didn't hear from his son again.
"It’s the perfect example of how money can bring out the worst in people."
Ensure everyone's on the same page, literally
"It should be pretty clear that laying out all of your terms and putting a formal agreement in place (even before starting your search) is the sensible thing to do," Ms May said.
"And that doesn’t just mean looking at dollars and cents.
"For example, if your parents are helping you buy a home, you need to talk about how involved they’ll be. Will their help be seen as a loan, or do they want to see a return on their investment?
"Do they get a say in where you buy and the type of property you choose? Even things like how it’s decorated can be a sticking point, so being on the same page from the outset is vital."
Support from an experienced professional is key
"Going straight down the legal route may feel like the obvious answer. But working with a buyer's agent will also help the process," Ms May said.
"Having an expert in the middle can help alleviate stress, answer questions and ensure everyone is confidently on the same journey.
"We help you navigate the market and choose properties that fit your brief and make for a sound investment. Everyone with skin in the game will feel that their interests are looked after.
"We act as an independent mediator between each party and operate as an experienced guide and level head in a highly emotional process."
Michelle May Buyers Agency is an independent agency servicing Sydney's inner west and eastern suburbs.
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