Shared Home Ownership
From Peoplebrokers
During the 1990s we thoroughly researched Shared Home Ownership or Tenants in Common. We could see that in the future home ownership would become less affordable and many people were not marrying or even forming serious relationships.
The researchers were very surprised to discover that is was a myth that people wanted to own their own home and live in it alone.
It is not a myth that Real Estate agents design most of our housing because property developers ask them what sells. This means that we have a lot of property for families, and a lot for solo dwellers, and not much for sharing.
We would like to share with you our research in this area.
Our special skills to match people to share accommodation can equally be applied to matching people who would like to purchase a home.
You are welcome to register - for it is only when we have enough people on our database that we can start matching them. The fee is $150. Please read our registration guidelines.
Philosophy
Housing prices, population growth and urban sprawl are the big issues for the new millennium. Social changes dictate that we have a fresh and innovative look at the housing and urban population density patterns. Who are we housing, what are their needs, do they realise their options? Do people really have the ideal that they must own their own home and live in it alone? I don't think so. The increase in the single population means that many are feeling 'alone', they don't have a family life. By sharing with the right people they can have a self-chosen family and with the right screening services they can change that family if the compatibility wears thin.
We have a solution. Compatible people can combine their resources and buy homes together. As a group you can afford a better property as well as the opportunity to invest in your future sooner than if you were saving to buy a place purely with your own resources.
Single people, and even couples, have been sharing houses for years. Shared home ownership is very similar except that all the occupants of the house own it. The rent becomes the mortgage repayment. The commitment of ownership changes the dynamics of the relationship.
The keys to successful shared home ownership
- Contracts which establish a clear agreement between co-owners,
- House design to give each co-owner adequate private space,
- Compatible co-owners.
The conditions of ownership are decided upon by the co-owners and written into a 'Tenants-in-Common' or 'Joint Tenants' agreement. These agreements are very straight forward and should be prepared by a lawyer who is well versed in this type of contract. The ultimate penalty for non-adherence to the contract is the sale of the property which in itself is an incentive to make the arrangement work.
Houses designed specifically for sharing will enhance the compatibility of the co-owners. Before long plans to renovate the traditional family home or build new homes will be readily available. Among the many features will be large bedrooms of equal size and several separate living areas. Such homes will make it easy for people to be alone when they want or to participate in communal activities.
Last, but by no means least, you must have the right company. Since our inception, Chris Kaine And Associates Pty Ltd has been matching people to share houses, mind houses and network socially. We have designed unique systems and procedures that enable us to gauge the standards and values by which people live. We then introduce the parties whose values and needs are compatible.
There is no limit to the number of people you can meet, our work is not complete until you find the right person or people to join you in your venture.
We will refer you to compatible people who are looking to buy in a similar price range and area. Some co-owners may have equal shares in the property, others may choose to have a smaller or larger share. Some may wish to live together, others may choose to make their share available on a rental basis (temporarily or permanently). Our matching expertise will help you find the right person. The organisational details are entirely your concern, however, we will always be available to advise and assist where necessary.
We can also refer you to consultants who will help you in all the facets of shared home ownership:
- Architects and/or builders to assess the property, advise on its structural soundness, condition and renovation prospects,
- Lawyers for your contracts,
- Insurance experts,
- Buying advisers to ensure that you do not pay too much for your property. They will advise on the re-sale value of a modified property as well.
There are many ways that shared home ownership can work, for instance;
3 bedroom house for sale in Werribee. Ideal for shared home ownership as seller will help with the terms to ensure affordability. Must be employed and have good credit rating history.
If you are interested in this situation, or have a proposal of your own please contact us by email. These listings are free at the moment.
How does Shared Home Ownership work?