After a 2018 survey, it was found that residents of Metro Vancouver wanted to see a reduction in the cost of homes. Fast forward to May 2019 and we can safely say that they have been granted their wish. Even so, there are some people who simply cannot afford to purchase a home.
If you are one of those, you don’t have to worry about giving up on your dream of owning a home. Co-ownership of a home can provide you and a friend or family member the ability to meet your dreams. What is co-ownership and how can you go about getting a co-owned home?
What is Co-Ownership?
With co-ownership of a home, there is a difference from that of a shared home as in a husband and wife situation. With co-ownership, you can split the homeownership percentage however you find necessary for your situation. So it could be split 50/50 or it could be split 30/70. A co-ownership even allows you the option to have separate mortgage payments. This is one of the high points of this type of arrangement. Especially if you are going into this deal with a friend. In such a case it is understandable that you will need a clear separation. This includes separation of ownership and expenses related to the new home.
Challenges of Co-Ownership
Co-ownership can help you find a way to own a home but it can also have its downsides. Though you get to explicitly determine how much percentage of the house each owner gets there are challenges. It will be hard to draw these lines physically in the home space. This is due to the fact that many homes are not designed for co-ownership and as such there will be a lot of shared areas. The best way to forego this challenge is to choose to build your co-owned home from scratch. That’s where us here at SilverBeamHomes come in. Check out our process and get in touch with us so we can help make your dream of owning a home a reality.