Iām 26. I Want to Travel ā Not Just Pay a Mortgage.
This story is a fictionalised or user-submitted example provided for illustrative purposes only. It does not constitute financial, legal or investment advice. Outcomes will vary and independent professional advice should be obtained before entering any property arrangement.
Tom ā Adelaide
Co-Ownership Structure: Joint Residency
Wanting Two Things at Once
Iām 26 and living in Adelaide, and if thereās one thing people know about me, itās that I have the travel bug.
I love the idea of working, saving a bit, and then heading off somewhere new whenever I get the chance.
But at the same time, Iām also pretty competitive when it comes to my future. I donāt want to look back in ten years and feel like I sat on the sidelines while everyone else was getting a foothold in the property market.
That tension kept coming up for me.
On one hand, I wanted the freedom to travel and enjoy life while Iām young. On the other, I wanted some kind of housing security and a way to participate in the property market.
What I couldnāt understand was why those two things had to cancel each other out.
Why Did It Have to Be One or the Other?
The traditional path seemed pretty clear.
Save for years, take on a large mortgage, and structure your life around paying it down.
For some people that works perfectly well, but for me it felt like it would dictate too many other decisions in my life.
I didnāt want the pressure of a huge mortgage hanging over every choice I made ā especially when I know I still want to travel and experience different places while Iām young.
At the same time, continuing to rent or share house indefinitely didnāt feel like a long-term plan either.
Thinking About Sharing Ownership
Then I started thinking about something pretty simple.
Iām already comfortable sharing a house. Why couldnāt I share ownership as well?
Instead of trying to buy a property entirely on my own, I began imagining what it might look like to buy a place with someone in a similar stage of life.
Someone who also wants to live in the property but isnāt necessarily trying to take on the entire financial responsibility alone.
The Kind of Property I Have in Mind
The idea I keep coming back to is a three-bedroom, two-bathroom house somewhere within about ten kilometres of the beach in Adelaide.
Something around the $900,000 mark.
If two people owned the property together, each person would hold a 50% share.
For me, that changes the equation quite a bit.
Instead of being responsible for the full mortgage, Iād only be responsible for my portion ā which feels far more manageable.
Keeping the Freedom to Travel
One thing thatās really important to me is maintaining the flexibility to travel.
If Iām away for a few months at a time, Iād want the ability to sublet my room while Iām gone ā with the agreement of my co-owner of course.
That way the property still functions as a home while also allowing me to step away for periods of time without everything grinding to a halt.
Itās the kind of flexibility that feels important when youāre in your twenties and life can change pretty quickly.
Not Forever ā Just the Right Stage
For me, this wouldnāt necessarily be a forever arrangement.
I imagine holding the property with a co-owner for around five years.
During that time weād both be able to live in the home, share the costs and responsibilities, and build some stability without having to take everything on alone.
At the end of that period we could revisit the situation ā whether that means selling the property, one person buying the other out, or exploring other options.
Ideally, the experience would put me in a stronger position to buy something of my own down the track.
Living Life Without Pressing Pause
For me, the appeal of co-ownership is pretty simple.
It allows me to continue living the life I want ā travelling, sharing a house, enjoying my twenties ā while still participating in something that contributes to my long-term stability.
Itās not about rushing into something bigger than Iām ready for.
Itās about structuring things in a way that fits the stage of life Iām actually in.
Illustrative example only. Property ownership structures involve legal, financial and market risks. Independent legal, financial and tax advice should be obtained before entering any agreement.
