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new co-buyer

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I saw a story today on Canada.com entitled "Hot Market House Mates" which was discussing the options around property co-ownership as a way for first time buyers or low income earners to get on to the property ladder. The article is here and makes very interesting reading.

As a low income earner who is currently renting I have been looking at co-ownership solutions and for other co-buyers. Though there are some great resources out there such as the aptly entitled Co-Buyers (which has a great link to an article covering the legal aspect of Canadian co-buying by the Chambre des notaries du Québec in the FAQ's section (something I really had trouble finding out about) there still seems for the moment to be a limited amount of co-buyers out there who are interested in shared or co-ownership.

The hot housemates story would imply property shared ownership is a growth area and though I'm looking for another co-buyer, what are your views? Is this the right or wrong way to approach getting on the property ladder? I don't want to move from the area I am, and why should I up sticks and head off to the back of beyond. I rent a shared apartment so splitting a mortgage is no real difference, or is it???


m
 
Well, you have to make sure you know and trust the person you're going to own the house with. The last thing you want is for them to bail out and leaving you responsible for the whole mortgage. Also, be aware that Quebec has a civil law system while the other provinces have a common law system, so something drafted by the Chambre may not provide much useful information.
 
I am a real estate agent and had purchased several investment properties with other investors/friends. They have turned out quite well as long you define the boundaries of your co-ownership early on.. Its also good to open a separate account to withdrawal all expenses from...
 
Purchasing any property is a good idea.... And co-ownerships are a great way for lower income individuals to join the ranks of property owners.
It is a good idea to have a "buy / sell" or "shotgun" clause in your partnership agreement.
 
Don't listen to the brokers son. It's a crappy idea! If you want exposure to real estate and can't afford to buy a house/condo buy some REIT shares. It costs you nothing to buy them and you can sell anytime.

How easy do you think it will be to sell your 1/4 interest in an apartment? Here's a word you should familiarize yourself with- ILLIQUID ASSET.
 
Agreed. Also, never by real property with anyone other than a person you are prepared to marry. In reality, it's much easier to get out of a marriage than it is to get out of a mortgage.
 
Purchasing a burial plot would be a better real estate investment for people of limited income who want to own outright but don't want to share.
 
vultur said:
There's an idea Shock! But is there a liquid market for plots?
Click to expand...

There can be:
89827665_e0381b3a6b.jpg
 
You can flip anything, vultur.

Buy them up by the gross, corner the market, wait for the Boomers to fall off their perches, and sell them on at a massive markup.

My late partner costed the price of buying one in Necropolis, across the valley from Riverdale, in the early 1990's - there were a couple of hundred left though I expect they're all gone now.

We didn't go for it, though we would have had some frightfully nice neighbours - members of the Family Compact and the like.
 
Didn't Leona Helmsly sell her and Harry's plot, and move to a better location?

Needless to say, a burial plot is a good thing to own with a co-buyer. Once they've moved in, you know they aren't going to run out on you.
 
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