What is co-ownership?
Co-ownership is a creative approach to homeownership that can be between family, friends, or even strangers. Also known as shared ownership, co-ownership means that you and one or more parties enter an agreement to own a property together.
In the traditional real estate market, you either rent and own 0% of your home, or you buy your home and own 100% of it. Co-ownership allows you to break into the market, without having to own 100% of the home you want to live in.
Co-ownership can be a great way to get onto the property ladder when you don’t have the savings to do it yourself, or if you have the savings but don’t want to put all of it towards your home. By pooling your resources with others, you can get into your home sooner and begin taking advantage of everything that homeownership has to offer.
Some of the benefits of co-ownership include:
- Accessibility: Many co-buyers have the income they need to get the mortgage for the home they want, they just don’t have the savings to take that first step. Co-buying the home with others can help you get into the home you want sooner, without having to wait and save while home prices continue to rise.
- Stability and security: Co-owning your own home means you have a place you can comfortably call home. Instead of interacting with a landlord, you can instead work alongside your co-owner, someone who is as invested in maintaining and improving the home as you are.
- Community: Studies show that people, and neighborhoods, do better when community members own their homes. When you co-own your home, you are part of both the community surrounding your home’s location, as well as a community with your fellow co-owners.
- Wealth generation: It’s no secret that real estate is one of the best ways to accumulate wealth. By breaking the cycle of trying to save while renting, co-buying your home gives you access to one of the most stable forms of investment and wealth creation.
When you choose to explore co-ownership as a way to purchase your home, you can reach out to friends and family to see if they are interested, or if they know anyone that might be, and you can check out Ourboro.
Co-ownership with Ourboro
Ourboro is a new way to co-own your home.
We exist because buying a home in the Greater Toronto Area is nearly impossible without receiving financial help. We realized that, through co-ownership, we could work with homebuyers and real estate investors, turning them from competitors to partners.
By providing funding toward your down payment we purchase a share in the future value of your home. But that doesn’t mean you need to share your space. We may share ownership of the property but you are the one living in and enjoying it.
It’s important to understand that we’re not a lender. Instead, we co-own alongside you, bringing exceptional real estate expertise to your homeownership journey. When you co-own with Ourboro you can feel confident knowing that you have a partner that is able to walk you through each step of the home buying and owning journey. We only succeed as an investor when you succeed as a homeowner. Learn more about how it works or visit our FAQ for more information.
Interested in seeing how much Ourboro may be able to contribute towards your down payment? Get started to see how shared ownership can help you buy the home you want, sooner.