As the business of co-ownership becomes more common, the myths and misconceptions are also gaining ground. However, not everyone is familiar with co-ownership, and not all of the information given is accurate. I’ll debunk some of the myths and misconceptions about co-ownership.
Myth 1: Co-ownership is a bad idea.
Co-ownership is a fantastic concept. It is an excellent alternative to single-handedly purchasing a home because it lowers the entry barrier and acquisition costs.
Myth 2: Co-ownership is new.
Co-ownership is not a new concept. It has been around for quite some time, as people have for a long time pulled resources together to purchase a property for a long time. What is different today is that co-ownership is now more deliberate, more familiar with lots of opportunities, and a growing number of individuals are beginning to understand its possibilities.
Myth 3: Properties purchased through co-ownership are of inferior quality than those purchased independently.
This narrative is far from the truth. Properties purchased through co-ownership are of the same quality as those purchased independently.
Myth 4: Only first-time buyers are eligible for co-ownership.
As long as you meet all of the criteria required, you are eligible for co-ownership. This is the essential aspect of co-ownership.
Myth 5: Only in less desirable neighborhoods are co-ownership properties available.
This is in no way true. Properties for co-ownership are available in the same areas as homes for instant or independent purchase.
Myth 6: You can’t share your co-owed property or sell your share in the future
You can share your co-owned property with other co-owners and equally sell your share of the property at any time. All you need to do is know the co-ownership structure in place and notify the proper management when you decide to sell.
Myth 7: You may be trapped with your co-buyer for the rest of your life.
Contrary to the above myth, co-ownership has eliminated the entry and exit barriers associated with the traditional real estate sector. While exit tactics might be challenging, it is not impossible to implement. Instead, the proposed buyer should conduct thorough research on exit provisions provided by the Agent, Company, and Platform on co-ownership.
Myth 8: You can get assistance from any real estate agent.
Unfortunately, this is a misconception that has resulted in a loss for many people. They enter into real estate transactions or co-ownership structures without consulting professionals and listen to any Tom or Jessica who comes along. You will need to enlist experts who can help you streamline the process, save time and money, and safeguard your interests.
Myth 9: As time passes, you will need to purchase further shares in the property.
You can buy more shares in the house if you want to and not because it is mandatory. You can also decide to keep your initial share and be satisfied with your profits. If you do not want to buy further shares, you are under no obligation to do so.I hope this article has debunked the myths about co-ownership and clarified all confusion associated with co-ownership.