House for sale in TINGALPA
$137,500 buys you a 25% share of my House, and I will then give you 50% of its future growth!
I have been tempted to put my house up for sale in recent months, but the truth is I don't really want to sell it. What I do want is to have some spare cash and improve my cashflow.
I am a creative thinker and it occurred to me that instead of selling outright, what if I were to let someone else become a part-owner of my home?
Selling a part-share would give me some money to reduce my debts, and at the same time I'd still have the benefit of remaining a part-owner of my home too!
In case you are wondering, my home has 3 bedrooms plus a study upstairs, and a fully self-contained 2 bedroom granny flat underneath. It's in a quiet street in the suburb of Tingalpa and the bank valued it at $550,000 the last time I borrowed against it.
At one stage I thought about selling it and then renting it back so I could stay living there. The problem with this is that a fair market rental is probably about $600-$650 per week. My mortgage balance is around $370,000, so that means selling the property and paying $600+ in rent each week would actually cost me more than my home loan!
On the other hand, if I only sold a part of the house (i.e. a quarter-share), then this would give me $137,500; which I could use to pay off some credit cards and reduce other debts. That would save me quite a lot in monthly repayments, which is perfect!!
But then I realised that someone buying a quarter-share would be entitled to occupy a quarter of the house (or if they didn't move in, then they could charge me a quarter of the rent!). So the idea of selling a share in the house wasn't as good as I had first thought.
Fortunately, I have come up with a solution -- a true "win-win" scenario: Instead of me paying rent on the 25% share, why don't I just give away a bigger share of the future increase in the property's value? In fact, why not double it, so the other person gets a full HALF-share of any increase in the property value! Surely that would be attractive, as they would be making HALF the profit on a property that only cost them a QUARTER of its price!!
So there you have it. I hope what I've said makes sense.
This would work really well for me, as well as provide an attractive benefit for the other person too. I am quite excited about this idea, and would love the chance to chat to someone else who thinks it sounds interesting enough to consider doing it!
I suggest we start with a conversation to discuss what's possible, to make sure right from the start that it can be done in a way that everything is fair and secure. My intention is to remain living in the home. And the whole point is to free up some cash, pay off some debt and improve my cashflow.
It's OK if you'd like the opportunity to eventually buy the remaining 75% share of the house, however I'd also ask for the chance to buy back your 25% share if I was in a position to do so someday. Naturally, I accept that you'd want to make a profit on your investment, therefore we could factor that into the deal and pay extra if I was to buy it back from you.
So, if you've gotten this far and think this is worth discussing further, please reply to this ad with your phone number so I can give you a call. If you can suggest an alternate approach, I'd love to hear it. I am open to new ideas, providing they result in a fair outcome for all involved.
I look forward to hearing from you soon and hope this will lead to a mutually satisfying arrangement for both of us!!
(Reminder: $137,500 is the price to own a quarter-share of my house, and then be entitled to receive a HALF of its future capital growth)
over 4
Timber
No. bathrooms: 2
Garage: 3 (or more) cars, attached
Lot size (m2): 660
Age: 10-50
Architectural type: 2 storey