What is the Shared Home Ownership program all about?
- We are focusing on creating affordable housing, by taking a house with a legal suite and selling it to two compatible people, couples, or families.
Why would I participate in the Shared Home Ownership program?
- Many reasons come to mind: • The average home cost makes it impossible for a lot of people to enter the market • Having to stress test at a 2% higher interest rate as of Jan 1, 2018, is taking 20% more people out of the market • Renting is expensive, a waste of money and is simply paying someone else’s mortgage • The low current interest rates on a purchased home, means 50% of your mortgage payment goes towards principal • Some people are forced to look at condominiums because of their budget, and are often subject to rules regarding age restrictions, pets and children, or they have no garage, storage, or outside space.
This isn’t a new idea. How is your program different?
- The magic of our program is that we have a templated system to help guide people through the process. Helping people find a match they will be compatible with, (kind of like a dating service) will be one of the biggest value propositions of the program. Also, our comprehensive legal agreement will help people pinpoint what is important to them and will help protect their legal rights and interests. Common and private areas can be designated, similar to a strata.