Sometimes circumstances beyond our control don’t always allow us the luxury of owning a home by ourselves, especially if you are a senior, or perhaps a young person just starting out without necessary funding to make it happen. People are turning to friends or associates that agree to own a home together.
Co-ownership is when two or more people agree to live in a home together and share common spaces like kitchen and dining areas or they may decide to own separate units within the home. There are specific guidelines for would-be buyers regarding the co-ownership process.
What should you consider?
- Have an action plan in place if any owner would like to leave and release their share of the property
- How would you finance your share of the property?
- Be aware of bylaws and zoning in the area and how many people can live together in one home
- Make sure you see a lawyer to finalize any contracts
Who might consider co-ownership?
- Young people
- Seniors
- People who find it difficult to have a home on their own
- Loneliness and need for community
Why co-ownership?
- Affordability
- Not everyone wants to live in an apartment or condo
- Building equity through owning a home
- Sustainable urban living
If you are thinking of co-ownership there are guidelines available on the Government of Ontario site that guides you through the process. As with any purchase, you should be aware of any pros and cons involved with co-ownership and think through how you will be able to live with multiple people in one home, your joint responsibility for mortgage payments, taxes and repairs that may be needed.
If you are looking for a home to suit co-ownership, feel free to reach out to our Anne Winch Real Estate Team to help you find the home you need. We will be able to comb through homes that are coming available and email listings to you that are most suitable. We also have a team of experts to help you through the process including mortgage brokers, legal help and building inspectors. Give us a call so we can help you with your dream of co-ownership.