There are many ways you can be creative about your co-ownership purchase. This includes gearing your ideal home towards investment as well as homeownership. Take a look at 3 ways you can turn your co-operative real estate purchase into a great investment.
1. The Classic Track
This is a common path for many homeowners. You purchase a home to live in and build equity over time. Once you have built enough equity, you can look to purchase another home. Perhaps a home outside of your co-ownership arrangement? You could use this new property as an investment property or a holiday home. The options are completely tailored to your goals.
2. Become A Landlord
This may sound like a big deal. Many people assume landlords are big business tycoons with hundreds of properties but the truth is many landlords are everyday people. Becoming a landlord could be as simple as renting out a room or basement suite in your home. It’s a great way to supplement your income and assist in paying your mortgage. In a co-ownership arrangement, it’s best to have all members be on board with such an arrangement. If not all members are on board, you can use the classic track to purchase an investment property on your own and become a landlord too.
3. Get Handy
If you’re handy and love to renovate, this method is a great way for you to turn your home into an investment. If your co-ownership group has the tools and expertise, renovating to flip a house may be right for you. In Toronto, even properties that need renovation can come with an expensive price tag. Partnering and co-purchasing such a property with the intent to renovate and flip it is a great way to invest and make a profit.
Co-ownership isn’t just about homeownership. You can tailor your co-operative purchase towards investment too with a little bit of creativity. Speak to GoCo today to find out more about co-ownership.