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What is co-ownership?
Co-ownership, very simply put, is when two or more parties combine their assets to purchase property. A co-ownership arrangement can be anything from two siblings buying a condo together to a group of friends buying a large triplex for renovation. Co-ownership can provide people with an affordable entry to the real estate market, along with a ton of other benefits.
Do I need to share the same living space with someone else?
No, not necessarily. As mentioned above, it is possible to buy a multi-unit house and have your own separate apartment. It’s really not that different than buying an apartment in a condominium building, but on a much smaller scale and without the ridiculous monthly fees.
Isn't it risky to buy real estate with other people?
There is a risk involved with co-purchasing property, just like there is a risk involved with investing your money in the stock market, driving a car, and getting married. The most important things to remember are to have a detailed legal agreement in place, and to communicate openly with your partners.
What is someone wants to leave the arrangement?
Having a detailed legal agreement is extremely important. Before buying a house, you and your co-owner(s) should sit down with a lawyer who specializes in these arrangements. During that meeting, you can discuss what will happen if someone decides to sell their interest in the house, so that you have all the bases covered if that event arises. If you would like help with setting up a meeting with a lawyer, please reach out to us and we will point you in the right direction.
Is my personal information secure?
Yes, we keep your personal information secure because we apply multiple layers of security. Your account info is protected from unauthorized entry to the fullest extent that we are able to do.
Do people actually do this?
Absolutely! Co-ownership provides an affordable and sustainable alternative to the nuclear-family-detached-home model that we’re all familiar with. In fact, people will have to do this if we want to shift towards a more environmentally sustainable way of living.
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