Can’t Afford A House In A Red-Hot Market? Co-Ownership May Be The Answer
Can’t break into the sky-high Lower Mainland housing market? Perhaps it’s time to consider co-ownership, a creative option of sharing the financial burden of buying a home.
Co-ownership is a way of buying real estate with one or more individuals. They could be family members or friends and the ownership percentage of the property can vary depending on the needs and financial resources of the co-owners.
What is Collaborative / Co-ownership?
Collaborative ownership simple refers to multiple people sharing ownership over a single piece of land. This is not a new phenomenon, as couples, families and even strangers have been co-owning land for centuries. In the 1960s, legal stratification was created to allow co-owners to more simply share ownership of a building and has become central to land ownership. Unfortunately, stratification is not permissible on all properties or in all areas. And in recent years with growing real estate prices and a growing sense of social isolation in society, collaborative ownership is making a comeback.