What's co-ownership of a home Co-ownership of a home is an arrangement whereby a home buyer jointly buy a home with a family member, friend or another like-minded home buyer as co-owner of the home. The share ownership is a 50/50 ownership and the home owners are registered owners of the property as tenant-in-common.
Buying a home as co-owner is possible, but there are many issues that need to be addressed. Home buyers who are not related my want to explore buying a home as co-owners. This type of home ownership is not very common, but this could be a solution to home buyers who are interested in buying a home in a neighborhood they like, but not financiaally able to dos so on his own. Afffordablility is the main driving force for home buyers wanting to enter into such a home ownership arrangement. Co-ownership makes sense to a home buyer who finds a home that ha s only one legal title to the home, yet physically offers 2 distinct dwellings for 2 families who can financially afford their mortgage obligations as co-owners or tenants- in-common. A mortgage lender like Vancity in Greater Vancouver has the most expertise in helping home owners to enter into a co-ownership of a single titled home. Here is an article on co-ownership posted by The Tyee. Duplex properties in Richmond offer possibilities for co-ownerhship When most Richmond detached homes that can accomodate 6 to 8 members in a family are selling way over $550,000, co-owership of a duplex dwelling at around $450,000 offers good financial sense for home buyers to own a home through co-ownership. A duplex home has more distinct separation of common costs to be borne by the co-owners. In the case of some homes in Kitsilano and Point Grey where families are entering into such co-ownership arrangements, a written agreement should be drawn up by a lawyer, spelling out the financial responsibilities of the co-owners. Working with your Realtor You have to start by recognizing the possibility of such ownership arrangement by doing your reseach on homes that offer such a possibility. You may on your own get a friend who share your interest in such ownership. Or, your local Realtor may have home buyers who are interested in a joint-ownership arrangement. You local Realtor can identify properties suitable for co-ownership. The above is a home listed at around $1.23 million and offers co-ownership possibility for 2 families. If you are interested to explore co-ownership of a home, you are welcome to contact James Wong at Sutton Group West Coast for a discussion. 
Return to Homepage. |