High costs of interest rates and real estate pricing are providing opportunities for individuals, couples and multigenerational families to start thinking creatively and looking for ‘outside the box’ solutions as means for home ownership. I am see more and more groups getting together to explore the possibility of pooling resources and finances to purchase a home together and this is being referred to co-ownership. Sharing the responsibilities and costs can provide a range of benefits from financial to enhanced living arrangements.

In this form of ownership, multiple individuals and groups are putting together the down payment and income sources to borrow a larger sum for a property that all can reside in together or a larger home. Benefits include and not limited to: Shared costs, expanded buying power, enhanced affordability, diversification of skillsets and resources, and potential for investment and income generation.

Co-ownership offers a host of benefits, however it is of vital importance to approach this with open communication, clear legal arrangements and a thorough understanding of all party’s rights and responsibilities. When executed properly, co-ownership can be mutually beneficial and unlock the door to home ownership for those and in areas you may not have thought possible.