Here’s one way to deal with overpriced housing: share your home and mortgage with a friend or stranger! You get all the comfort of renting with roommates combined with the excitement of being responsible for repairs!
“I learned it from Sesame Street,” said Rob O’Dea, who co-owns a heritage-style home in Strathcona with his wife, Sharon Petty, and a close friend, Chris Allen.
It may not be popular -it may even be downright frightening to think about -but sharing space, land title and financial responsibilities can work.
“It’s kind of like getting in bed with someone (or more than one someone),” said Ryan McKinley, Mortgage Development manager for Vancity: it’s probably a good idea to be on the same page as to what kind of relationship you’re committing to.
McKinley has helped plenty of odd couples -sets of couples, parents and kids, siblings, single friends -get into the market with non-traditional “mixer mortgages,” but he cautions that an air-tight legal agreement is part of the deal.
“It’s definitely more commonplace today, and it was born out of necessity. If you are going into a single, detached house in Vancouver you either need a significant income, an inheritance or a friend who is willing to make an investment with you.”
Anybody know what SFH is supposed to stand for?