24/11/2022
HOUSE PRICES TOO HIGH? HOW ABOUT CO-OWNING?
After reading this post, you would have discovered another chance at realizing your dream of owning a home even if the prices are higher than your current budget.
In 2022, we have seen the rise of the concept of co-owning. It is simply where two or more people buy a house together. It implies that they will both have their names on the title.
There are two options to co-ownership;
1.Tenancy in Common: Here, shares of the property are not divided equally but according to how much money each owner has invested in the property. Each person has equal rights to all areas of the property. If an owner wants to sell their share of the property, they must get consent from the other co-owners.
2.Joint Tenancy: In this option, each person has equal ownership of the home, regardless of how much invested. An owner does not need consent to sell off his share. The catch is that in event of death of an owner, his share does not go to any beneficiary but rather the surviving owners possess it and again share it equally among themselves.