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Suite-ing A Home In Victoria Tag: co-ownership

Often known as "in-law suites" or "granny suites", secondary suites have long been used to house family members in an independent space that's still close at hand. A simple one-bedroom suite can be comfortable and private accommodation for teenagers, university students, or seniors. Aside from benefiting family, secondary suites can provide additional income in the form of rentals, or be converted into a home office or business.

So how do you know if adding a suite to your property is the right move, and how do you get started?

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Renting To Your Kids Tag: co-ownership

A photo of a finished laneway house next to several more under development in Vancouver. Photo by Matthew Blackett, feat. by Spacing Magazine on Flickr.

A couple of months ago I posted an entry addressing the benefits and complications of co-owning a home with a friend. While most of those tips also apply to family members entering co-ownership, they don't address the particular nuances of renting to family, especially when sharing the same home.

Renting to relatives can be a great way to help provide for them if you have the space and the funds. You know them personally and have an idea of how they'll take care of your property. But there are rules to be aware of when you take on the role of landlord, even if it's to your kids or a parent.

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Co-Ownership: Home Buying With A Friend Tag: co-ownership

Two young hands with chipped nail polish locked in a pinky swear in front of a brick wall.

In today's competitive west coast real estate market, many solo young adults and students are having difficulty getting the funds for a down payment on a home, forcing them to rent or otherwise settle for less. Sometimes parents won't or can't assist their children with co-signs or payments. Sometimes those in casual relationships don't like the idea of sharing property value with someone they might not be together with in a few years.

Whatever the reason, more and more people are considering co-buying with good friends or family members. Unlike co-operatives, where buyers purchase shares in a corporation that owns the building, co-ownership lets buyers purchase a percentage of the property title and become "owners in common" of the same home.

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