Collective Ownership – Buying with Friends or Frenemies

Posted on

I recently watched an episode of House Hunters where two best friends went in together to buy their first home. This allowed them to purchase a nicer home and to delve into home ownership for the first time.

No Thank You!

I could see a million issues that might arise. But several weeks (and several articles) later, I started to reconsider my initial reaction. It might not be such a bad idea after all. For example, residents here at Mayo might benefit from such an option, especially those with pets, big cars or just wanting additional privacy a single family home might offer over an apartment. The additional appeal of a roommate while in residency is there too – somebody to share in chores (since free time is limited) is a huge bonus.

Collective homeownership might be a bit too progressive an idea for most in previous years, but it’s on the rise! It could also be a good option for those needing to be at Mayo for long term care. In both scenarios, having a co-owner (or several) would offset the costs of owning alone, as well as the work and cost of maintaining a home.