Guest Speaker: Oliver Dang, Him and his family share a house with another couple
As housing prices climb in the city many people really have to get creative as to how they can own a home in the city and Shared Ownership is a great option.
His Insights
- Was it difficult to get everyone on board with the idea?
- How they handled the finances and who they put on title
- Did they put together any kind of formal agreement for living together?
- How has it worked out?
- How do they divide the snow-shovelling and exterior home maintenance?
- How did they decide which part of the house each couple would live in?
- Did it take them a long time to find a place?
- Were any renovations required?
- Do they have life insurance on each other?
- What kinds of contingencies do they have in place if one couple wants out or divorces?
- How much longer will continue with this arrangement?
- Is shared ownership a stepping stone to eventually owning the home or condo?
- What was their biggest fear about shared ownership?
- What they like best and what would they recommend about shared ownership?
- Have they built up equity in their home?
- Advice they have for the ones who are on the fence about doing a Shared Ownership arrangement
