Historically collaborative purchases have taken two forms. Co-ops where groups of people purchase land or property together, and co-investment from friends and family. While co-ops have proven to have a number of economic challenges, they still present an opportunity for groups of interested home owners especially those interested in new developments in alternative living.
More exciting in my opinion is the opportunities for cooperative purchase of a single family home shared between 2 people or families. Vancouver is replete with homes like the famous Vancouver Special which provides for two full high suites between 900 – 1200 sq ft. These homes are often priced up to 20% / sq ft below comparable condos, duplexes and townhouses, plus you don’t have any pesky strata payments. Effectively form your own duplex and save up to $100,000 each.
Co-investment continues to be a viable option for people in Vancouver looking to get into the market for the first time. Many people’s investments today are only paying 1-4%, I can show you how you can offer your investor 7.6% returns based on today’s interest rates. By leveraging your co-investment you can get more space for less money and own a home, instead of a condo.
Your social network is your greatest asset, put it to work for you to create the home, community and future you are seeking.