Co-Ownership of Properties

Rationale  for  Co-ownership


Many more retirees would be able to afford a vacation home if they are willing to consider shared ownership.  This is in essence           a variation of timeshare or REIT.  The difference is that while your investment is higher initially you have control over choice of    property as well as who the co-owners are.
 
Diversification of assets is the name of the game.  My husband and I would love to co-own a vacation property without over-leveraging ourselves.  We are particularly interested in folks who are interested in properties in Alberta,  Canada.  We have  visited Alberta repeatedly and would love to co-own a house there.


Desired  Preferences


We presently have no particular property in mind.  We are open   to negotiation depending on who are the interested parties.
     
We would prefer a triple-share or quad-share.   Property would probably be in the range of C$300K.  Co-owners
should be
able to pay up at least 30% of their share as a down payment       to keep financing costs low. 

Co-owners will annually put up mutually agreed amount in escrow for property taxes, insurance and maintenance  regardless of whether or not they lived in the property.
 

Key  Requirements


The key to this arrangement is that the co-owned property is to
be considered  as a  secondary  vacation home and  NOT  a    primary home by the co-owners. 

Co-owners must sign an agreement designating
the bedroom to which they are entitled. 

The master bedroom co-owner would be expected to pay a
one-time premium
agreed to by the other co-owners.