OH! Magazine - Australian Version June 2018 | Page 26

( CHA CHING )
IS THIS THE ANSWER
TO HOME OWNERSHIP?
Kohab explains how co-ownership could be the future of property acquisition.
ingle property ownership has
become out of reach for many.
Young people who otherwise want to buy
property, are often forced to live with their
parents due to rapidly increasing property
prices, which have outstripped wage
growth. But what if we told you there was
a way for the average Australian to co-
share a property purchase with their
parents (that benefited them too), without
a million-dollar budget?
S
Enter: Kohab, the world’s first digital
platform, community and marketplace for
co-ownership, which connects buyers
with the right properties, agents, lawyers,
mortgage providers and other experts to
facilitate owning together.
This innovative platform helps friends,
family and like-minded buyers purchase a
home together, connecting them with the
right property, real estate agent, legal,
mortgage and insurance providers all in
the one place.
Platform partners such as Sparke Helmore
and National Australia Bank have been
specifically selected by Kohab for their
expertise in property co-ownership.
Kohab Founder and CEO David Dawson
says, ‘We believe that co-ownership is an
often-overlooked method of owning
property and may hold the key to that
dream being reignited, allowing many
Australians to take the first step on the
property market ladder.’
National Research commissioned by
Kohab in February 2018 of over 1,700
Australians, found that of those who
currently don’t own property, the
challenge of saving enough for a deposit
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OH! MAGAZINE ( JUNE 2018 )
and being unable to affo rd a property in
their preferred location were cited as the
main reasons for being unable to
accomplish that life goal. Interestingly,
the research also found that 27 per cent
of respondents would consider buying a
property with someone else, whilst a
further 9 per cent would consider co-
ownership if they were equipped with
more information. Consideration of co-
ownership was even higher in the key
cities.
David continues, ‘The phenomenal growth
of brands such as Uber and Airbnb have
clearly demonstrated that the share
economy is alive and thriving. These
types of concepts have created a seismic
shift in how society views co-sharing in
general. As such, Kohab aspires to be the
global platform and marketplace for
property co-ownership.’
In terms of its function, Kohab will help
potential buyers in three main ways: 1) by
co-living (whereby one or both parties
choose to live in the property); 2) co-
investing in property; and 3) co-lifestyle;
facilitating two or more parties to share a
holiday home or second home.
The platform’s simple processes will steer
buyers through the key steps to co-
ownership, including the Kohab co-
ownership agreement. This standardised
legal agreement has been specifically
developed by legal firm Sparke Helmore
(in collaboration with Kohab), to provide
a safe, transparent and secure way to buy
and
(sell)
property
together.
Co-buyers are also referred to Kohab’s
mortgage and insurance partners, helping
them navigate through the co-ownership
journey in an easy to follow, step-by-step
format.
Kohab is all about real people, real titles
and real property ownership. Kohab do
not charge their members for being part
of the community. The introduction of co-
ownership mortgage products holds each
party responsible for their part of the loan
only. This means individuals do not have
to guarantee their co-buyers mortgage
repayments and if buying half or a quarter
of the property; their deposit and
repayments are based only on that
percentage ownership.
Already in development and coming soon,
the platform will also enable existing
property owners to unlock equity and sell
a portion of their property, which may
appeal to existing investors or an older
demographic.
David concludes, ‘With Sydney and
Melbourne now ranking the second and
fifth most unaffordable cities in the world,
Kohab will offer one of the key answers to
the housing affordability issue in
Australia. We want to see more Australians
ultimately owning their own home, and
we are committed to educating the market
on co-ownership options and facilitating
those opportunities.’
The facing table shows three different
scenarios where Australian millennials
and their parents can get into the property
ladder, using Kohab. And yes, you can do
it on a graduate salary!
To find out more or to register your interest
in co-ownership visit http://kohab.com