Guide To Co-Owning A House

By Brian Kondo

Monday, November 6, 2023

Guide To Co-Owning A House

Whether you are a first time homeowner or you want to have the best chance of securing a property in this fierce real estate market, co-owning a house might be the best option for you. What is co-ownership and what does it look like?

Co-owning a house is where multiple parties come together to fund the purchase of a property. In real estate this happens every day, usually between couples, but co-ownership is not exclusive to romantic relationships! Co-ownership can be between family members, and recently, an uptick has been seen in close friends purchasing a house together.

Many buyers are keen to enter the real estate market but might not have the capital required for a down payment. Finding someone with whom you have a high level of trust and faith can help you achieve your goals of stepping onto the property ladder and building equity.


Joint Mortgage 

When co-owning a house, you will require a formal joint mortgage plan. This means that all parties who wish to purchase a property together will sign their name on the dotted line and share legal and financial responsibility in paying the mortgage.

The one thing you need to consider when entering into a joint mortgage with someone is that your mortgage lender will analyze all applicants' financial backgrounds. If someone who is looking to co-own a home with you has a questionable debt history or credit score, your interest in the joint mortgage will be negatively affected. 


The Pros to Co-Owning A Home 

As mentioned earlier, it is without a doubt an approachable way for many to step into the real estate market, especially when it is as competitive as it is today. Another great advantage that many overlook is the affordable month-to-month operating costs of sharing a home. You will all split utility costs, property taxes, and any communal purchases for the home. This will help you save more as well as build equity.


Things To Consider When Co-Owning 

A mortgage is very different from a tenancy. Many friends chose to share an apartment together, and at one point life may take one or more of the friends down a different path. It is easy to break out of a rental agreement as after a year it goes month-to-month. A joint mortgage, especially a fixed-rate mortgage can offer lower interest rates, but last for several years. While it is possible to break out of a mortgage agreement, often the financial penalties of breaking a fixed-rate mortgage is high.

Co-owning a house can be the right decision for you and your financial future! All it takes is some planning and mutual agreement. Would you like to learn more? Please reach out to me.l would love to help you and your co-owner(s) the home of your dreams.


Thank you for reading today’s BLOG!


Homesellers - Find Out What Homes in Your Neighbourhood are Selling For!
You can receive a FREE computerized printout of ALL recent Home Sales and
Current Listings in your neighbourhood.  Visit:

Best Buy Hotlist - You can receive a FREE list of the 10 Best Buys in your
specific price range sent to you at No COST or OBLIGATION.  Visit:


Your Home Sold Guaranteed or I'll Buy It!* No Gimmicks! For a Free Special Report that Details my Guaranteed Sale Program, visit:

Remember, your referrals change lives! We donate a portion of our income on every home sale to a great worthy cause like SickKids Hospital. To find out more visit:

If you or anyone you know is considering making a move in the next little while, give me a call or pass on my number ... 905-683-7800 (Office) or 905-426-7484 (Direct).



#HomeSweetHome #HomeOwnership #NewHome #HouseHunting #DreamHome #HomeBuyer #RealEstate #HomeGoals #FirstTimeHomeBuyer #HomeImprovement #HomeDecor #HouseLove #BrianKondo #BrianKondoTeam #RealEstateTeam

We would like to hear from you! If you have any questions, please do not hesitate to contact us. We are always looking forward to hearing from you! We will do our best to reply to you within 24 hours !

You agree to receive property info, updates, and other resources via email, phone and/or text message. Your wireless carrier may impose charges for messages received. You may withdraw consent anytime. We take your privacy seriously.