Gold Coast resident Kieren Lowe has tapped into the ground swell of people power synonymous with the share economy to do just that.
He’s found a rural block in Central Queensland and has put the call out to find 25 others willing to chip in $1000 each to secure a one-acre share of the property for holidays, recreation or small business, reports Brisbane Times.
The ad attracted 15 responses within hours and Kieren is soon hosting a BBQ to talk through the ins-and-outs of the co-ownership arrangement.
The idea is not as crazy as it sounds but it’s also not without risk.
Real Estate Institute of Queensland spokeswoman Felicity Moore told Brisbane Times a tenants-in-common ownership agreement meant any party involved was free to sell or dispose of their interest in a property for any price, without consulting the other party.
“There is a risk that one party will dispose of their share of the property to someone that the other tenant does not agree with or does not get along with,” she said.
“The potential for disputes exists and generally speaking this may mean a trip to court is required to resolve the issue.”
Enterprising online platform Kohab launched earlier this year to facilitate co-ownership purchases for investment, holiday houses or even people selling a share of their own home.
The share economy, which has also brought us fractional investment platform BrickX in recent times, has some questioning the impact on the traditional real estate market. Our view? These new enterprises open up the market to people who would have been previously priced out of it, so we say that’s a good thing and also caution buyers to do their research before making any decision to buy a property, whether it’s the whole thing, half of it of even one-twenty-fifth.