Ever thought about purchasing a residential or investment property with family or friends?
Well, you’re not alone, lots of folks are doing it in the U.S and Canada. Don’t believe us? Check out this great example of home co-ownership!
So what is home co-ownership? Also known as a tenancy in common (TIC), allows for the fractional ownership of a residential or investment property. In other words, each tenant in common owns a percentage of the value of the entire property. Strangers, friends, and family can jointly co-own a residential or investment property.
More importantly, aside from being an established form of homeownership, many mortgage lenders now actively support TICs by offering fractional mortgages. These individual mortgages, based on the co-owners percentage, mean peace of mind regarding financial liability and risk.
Additionally, co-ownership allows you to share the down payment on a home, the monthly mortgage payments, and ongoing costs associated with homeownership.
Say goodbye to renting and hello to homeownership!
Where do you go to connect with others interested in home co-ownership, as well as experts in TICs?
Glad you asked!
Sharetini is the free real estate dating and co-ownership app that will help you connect with other people looking to co-own a home or investment property in your area. As well, we will set you up with realtors, real estate lawyers, mortgage and insurance brokers, who are experts in tenancy in common (TIC).