“I didn’t want to rent closer to work because I had a long-term goal of owning, so the struggle was real for me and like many MANY others out there – I also suffer from a chronic condition which causes fatigue more often than not, so the commute always felt that I was spending vastly more amounts of my energy commuting to/from work, this eventually led to me leaving my highly regarded job – the people were awesome, humble, the role was rad, the company was huge, I had it all, except my own room and independence. 🙂
I lived over 50 minutes away from work and my train line has terrible train intervals (about 15-20 min intervals on weekdays, and up to 1 hour on weekends) and not a single express or limited stops train (unlike my old line use to have and would take about 20 min to city with the express). My Co-founder friend also lives a 70+ minutes bus ride away from work.
Yes, the gig economy (freelancing / remote work) exists too but it’s a flooded market and unreliable source of income, and we always wanted to own property. So I sacrificed my job after being in the IT industry for 2.5 years and we decided to start building Owneroom – a platform for like-minded co-buyers and sellers to converse. We will be building this product around the problem, the problem that many young Australians who are just out in the workforce cannot afford to access property/mortgages because of ridiculous property prices.
I knew people who rented about a 15 min walk away from work. People who also rented $750 a week in the city. I know people who are 30-60 who are still renting because they couldn’t get access into the property market. I know people who were rejected by banks when wanting to apply for a mortgage to own a full property. They were burning the majority of their savings on rent, so it was impossible for them to ever get any closer to owning.
I wanted to own, that was always my aim. If I dropped it all on renting 20 minutes away from work (by train), I would be dropping 27.5k a year for a single bedroom apartment at Wolli Creek per year.
So then came Owneroom! A hybrid collaboration between the two worlds of owning and flatsharing. You own your own room, you can live in it or invest in it and lease it out, pay your room (portion of your property) off all within 8 years (estimated timeframe) and resell this to the next fresh graduate who just moved out of home or investor. Let’s be honest, all we really want is a roof over our heads and a self-owned room for independence (we feel independent at work because the people we meet there are like-minded and responsible/accountable), kitchen, bathroom and all can be shared or have ensuites just as flatmates.com.au have today. So we figured this would be the best way to address the housing crisis market and believe we can do this by connecting like minded buyers together to team up to co-own a full property or with sellers who want to divide their property into sellable rooms.
It benefits the sellers because they can sell their property on our platform way quicker by attracting a lot of buyers at a lower deposit bar each, AND the banks will love us because they won’t have to rely on one poor person or couple paying off an entire property (risky) (and we are bringing them in clients). We’ll have a distributed model whereby 3, 4 or more people can all chip in their smaller deposits to make up the overall property’s deposit value. They will all be making regular (significantly smaller) mortgage repayments and be legally liable for them, and will pay off their own room in 8 years – if one or more buyers drop out of paying their mortgage repayments we would have ensured that the property was under enough demand to easily find another buyer willing to foot the bill and own their room. Stop paying 10-15 years of rent and start paying off your own property. This is Owneroom, a new beginning for first home buyers and investors alike. This will be Sydney housing now.