By Sandra Kilgore, GRI, ABR, SFR –
Low inventory, higher interest rate and the cost of housing can make purchasing a home today very challenging.
The need to explore other options may be necessary to take advantage of the many benefits of ownership.
There are different ways of owning property. The most common form of ownership is joint tenancy; ( as between a husband and wife ) when two or more partners have equal shares of a property. Each co-owner has an undivided interest in the property, and if one owner passes away, their interest in the property automatically transfers to the surviving co-owner.
Another option for homeownership is shared ownership as tenants in common which allows multiple individuals to own the property together. This form of ownership allows them to pool their money and enter the real estate market together making the home buying cost more affordable.
It also allows for more flexibility by allowing parties to own the property in proportions that correspond to their contributions. This form of ownership allows individuals the right to sell or transfer their share of the property without the consent of other owners. It allows each owner to include their share of the property in their estate plan or pass it on to their heirs or beneficiaries.
Although there are many benefits to purchasing property as tenants in common, it is advisable to consult with a real estate attorney or financial advisor to ensure this option is a good fit for you. Please feel free to give me call if you have questions.