Anyone want to buy half a house?
What do you do when you can’t afford a whole house? Buy half of one.
Ka¯ piti woman Sioux Harlen is selling half of her three-bedroom home after a ‘‘year from hell’’ affected her health, finances and family, forcing her to find another way to pay the mortgage.
And a property expert says the idea isn’t far-fetched, with legal contracts keeping everything in order.
Harlen was hoping the idea might appeal to an investor, someone entering the property market or a person starting all over again.
‘‘This has been the worst year of my life and the thought of losing my home is just too much to consider.’’
After a marriage breakup, Harlen said she had to get creative to keep her home of 30 years.
She had yet to work out the fine print but was seeking someone with $200,000 to buy a share of the property, built in 1975, on a rear section in Waikanae, north of Wellington.
If the person was an investor, she would pay them rent but if they wanted to move in, costs would be halved.
She had no plan to buy the other party out – ‘‘if I could do that, I wouldn’t be doing this’’ – and would live in it through retirement. It could be the perfect way for two single people to own property, she said.
‘‘I thought, there must be people out there – the single socks – who are on their own or someone who doesn’t want to rent and maybe we could help each other.
‘‘I don’t see why we don’t look at other ways of owning homes, it’s like we’ve been told there’s only one way to do it. I see this as the future. Our generation is not going to want to go into rest homes.’’
Property expert Dr Susan Flint-Hartle said the idea of selling half a house wasn’t as unusual as it might initially appear.
‘‘It’s not uncommon, a lot of people will buy houses as tenants in common, which is the legal description.
‘‘Friends will buy property together and family will do it and it’s quite conceivable that strangers might do so as well.’’
Legal contracts would tie up loose ends – if one of the partners died, their share went to their estate, not to the other person – and it could be a good way for people to ensure housing security.
‘‘It can be difficult if it’s a return to a flatting situation when half the fridge is yours but this time you’re in your 70s.
‘‘Despite that, it’s a good way of doing things. If it works, it will be great.’’
Harlen said she was open about who her potential house partner could be, though she did think a man might suit better. ‘‘They tend to have less furniture to bring with them.’’