Buildhomeca is a platform where in people can find their suitable match in order to potentially co-own and afford a livable home without sacrificing the necessary privacy needed in a house set up and city bylaws.
Is it a Co-ownership type of housing?
Yes, it is a Co-ownership type of housing. Co-owners also have what its called a Tenants in Common Agreement as their guiding manual of their arrangement.
Can I co-own a house with someone other than my family or friends?
Absolutely! In this age of sharing economy, we believe that by helping each other, we could create a sustainable environment that allows an individual to afford a place that can be called home.
How do I trust the other co-owner before buying a house?
That is a good question. In reality, when you go to a bank or any financial institution and apply for a mortgage approval, the bank or the financial institution "trust" you according to your credit rating or score and your ability to pay the mortgage.
What if someone did not pay their mortgage?
That is why it is very important to have a detailed Tenants in Common Agreement that is made by a lawyer to explain the different possible scenarios of "what ifs" and be able to give the following resolutions.
Do I have to live with my co-owner for 25 years or until our mortgage is over?
No, depending on your agreement let's say for example, both of you agreed that after three years one can buy the other shares or both of you can sell. What ever arrangement you have, at the end of the day you both have saved your rent and built equity over time. That makes co-ownership worth it.