Co-ownership of a home is an excellent option for many people, as it can offer several advantages. It allows two (or more) people to share the financial burden of home ownership. This can be especially beneficial for those who have difficulty qualifying for a home loan. Co-ownership also can provide the flexibility to live together without having to have a financial or legal commitment such as a marriage. Since each co-owner holds an undivided interest in the property, it also provides a way to share the benefits of owning a home without splitting the ownership into separate deeds.
Additionally, co-ownership can provide security in case of illness or injury. If one of the owners becomes incapacitated, the other can assume ownership and the other owner’s rights. This can significantly benefit those who want to protect their investment in the event of an unexpected circumstance. Finally, co-ownership can provide a great way to build equity in a home. As each owner pays their share of the mortgage, taxes, and other costs associated with ownership, the value of the home increases. This can be a great way to build wealth over time.