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An alternative path to homeownership – considering co-ownership

Owning a home is a dream for many, and yet it can feel out of reach for a growing number of Canadians. Not because of lattes, avocado toasts, or other millennial-labelled purchases; rising home prices have been outpacing income growth for decades, making it seem like an unattainable goal. An approach that is gaining popularity among some Ontario residents and savvy consumers is co-ownership.





Co-ownership offers an opportunity to share the costs and responsibilities of homeownership, making it an attractive option for individuals and families in Kingston looking to enter the real estate market. Let's review some benefits and important considerations of co-ownership as you explore your housing options.





The Benefits


Sharing the Financial Burden

One of the primary advantages of co-ownership is the ability to share the financial burden of purchasing a home. By pooling resources with one or more co-owners, you can increase your purchasing power and access a larger and potentially better property than buying alone. Co-ownership allows you to split the down payment, mortgage payments, and maintenance costs, making homeownership more affordable and manageable.

Building Equity

Expanding Your Network

Co-ownership not only allows you to share financial responsibilities but also creates a support network and community. When you enter into a co-ownership agreement, you have the opportunity to select your co-owners and build relationships with like-minded individuals who share your vision for homeownership. This can foster a sense of security, companionship, and support as you navigate the joys and challenges of homeownership together. Moreover, sharing the responsibilities of maintaining the property can reduce stress and workload, allowing you to focus on other aspects of your life.





Important Considerations for Co-Ownership


Establishing Clear Agreements

Before entering into a co-ownership arrangement, it is essential to have a legally binding agreement that outlines the responsibilities, financial obligations, decision-making processes, and potential exit strategies. Consulting with a real estate lawyer who specializes in co-ownership agreements is highly recommended to ensure all parties are protected.

Compatible Lifestyles and Goals

Understanding Risks and Exit Strategies





Just remember to approach co-ownership with careful consideration and some flexibility. Be diligent about who you might partner with. Begin thinking about parameters and what successful co-ownership looks like to you. Read about other people's experiences, the good and the bad, and apply these learnings to your possible co-ownership scenario.


If this sounds like something that could work for you, some next steps may include:


  • Reviewing the Ontario.ca in-depth guide on co-owning a home

  • Connecting with a real estate lawyer who can advise on your situation



Once you know your WHO (co-owner/s) and HOW (legal agreement in place) – I'll be here to help you find your WHERE (future Kingston home).




Would you consider co-ownership to achieve your homeownership goals?

  • 0%100%. I see numerous benefits and could make this work.

  • 0%Perhaps... but I have some more research to do first.

  • 0%Nope. Not for me.


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