If you’re tired of renting and looking to purchase a home in Victoria, but aren’t sure how to afford the price tag – you’re not alone! And if you’re searching for answers, David Hale from Shared Home Ownership has the solutions.
“My vision for Shared Home Ownership is similar to a dating app, but rather than finding a romantic partner, we’re pairing up potential shared home owners and sellers,” explains David Hale, owner of Shared Home Ownership.
By taking a house with a legal suite and selling it to two compatible people, couples or families, shared home ownership makes buying a home in Victoria more attainable.
“The average price of homes in the Greater Victoria area is $915,000, which I know falls outside of the budget of many. How do people get into the housing market if they can’t afford these price tags? What I’m proposing is the opportunity to share a house, which quite literally opens a lot more doors for housing opportunities,” notes Hale.
By selling a home to two separate parties, it can cut the cost of home ownership in half. As renting sees you paying off someone else’s mortgage, this alternative allows you to create some tenure and build equity.
Similar to dating apps, you choose the financially qualified individual you will partner with. An easy-to-follow templated system helps guide you through the process.
The rules of the partnership are outlined in a tight, enforceable legal agreement drawn out between all parties, ensuring legal rights and interests are protected. Here, you might see common areas designated, such as who gets use of the parking space in the garage. Sections for property expenses, like maintenance and repair, for example, are also included and the amount paid is based on the percentage of ownership.
One mortgage is split proportionately according to the amount of home and land shared, also known as unit entitlement in strata terms.
By matching potential shared home owners with sellers, it’s bringing more opportunities to the table!