WHAT IS COLLABORATIVE OWNERSHIP?
Collaborative ownership simply refers to multiple people sharing ownership over a single piece of land. This is not a new phenomenon, as couples, families, and even strangers have been co-owning land for centuries. In recent centuries, legal stratification was created to allow co-owners to more simply share ownership of a building and has become central to land ownership as it has allowed people to own parcels of property and lowered the entry barrier to homeownership. Unfortunately, stratification is not permissible on all properties, and as such collaborative non-strata is making a comeback.
WHAT ARE THE ADVANTAGES OF COLLABORATIVE OWNERSHIP?
Collaborative ownership simply refers to multiple people sharing ownership over a single piece of land. This is not a new phenomenon, as couples, families, and even strangers have been co-owning land for centuries. In recent centuries, legal stratification was created to allow co-owners to more simply share ownership of a building and has become central to land ownership as it has allowed people to own parcels of property and lowered the entry barrier to homeownership. Unfortunately, stratification is not permissible on all properties, and as such collaborative non-strata is making a comeback.
CAN YOU GET FINANCING?
Yes, mortgage financing is possible on collaboratively owned projects. Two models exist for this financing. Traditionally every co-owner is listed on a shared mortgage by all parties. More recently, institutions such as Vancity have been creating specialty products that allow each partner to carry their own individual portion of the overall mortgage.
CAN I SELL MY PORTION WITHOUT MY PARTNER?
Yes, and that's where CoHo can help. We create a community of people interested in co-ownership who might be interested in your share of your property. You list your share with CoHo and your partner meets with any interested buyers to ensure a new good partnership for everyone involved.
WHAT ABOUT BUILDING NEW?
One of the best ways to maximize the collaborative advantages of co-ownership would be to build to suit your specific partnership needs. By building new, partners can design a home specifically to how they want to share the home, ensuring all parties get a home they will be happy with long term. Additionally by designing with co-ownership in mind, owners can maximize shared space and resources, while ensuring privacy and separation as well.
HAVE MORE QUESTIONS?
Get more questions answered with the CoHo BC Guide to Co-Ownership available for free download or view some of our videos on the CoHO BC You Tube Channel.