The current real estate market prices in major cities require us to think creatively about homeownership, and we believe that co-ownership offers the ideal solution.
Co-ownership is when two or more people buy a property together. It is a model that invites people to pool their resources to enter the housing market and is one way that enables people to take advantage of the economic, social and community benefits of homeownership.
Co-ownership is ideal for people who want to stop paying rent and instead build equity in their home, but cannot afford to enter the housing market. With thoughtful planning and due diligence, investing in a co-ownership real estate purchase can be as valuable as any other home purchase.
Co-ownership living can help foster collective care and support in our communities. It provides the chance to foster interdependence, break down isolation, and allow like-minded groups of friends, chosen families, artists, seniors and those wanting to live more sustainably to imagine and invest in futures together.
The possibilities for sharing and increasing a collective standard of living are as expansive as your co-ownership group would like them to be! Co-owners might share child care, elder care, living assistance and more. Gardening, cooking, driving and other skills and services, as well as assets like cars, bikes, toys and tools, all make co-ownership an exciting and creative model of living in and creating a home .
Like any form of homeownership, co-ownership is a major life decision and involves many legal and financial decisions. To find out more about co-ownership, from its benefits and potential pitfalls to working out what you can afford, how to ensure financing and establish a legal co-ownership agreement, please visit our trusted co-ownership real estate partner GoCo Solutions.