Homeownership Alternatives You Should Consider!
People are starting to get creative to set foot on the property ladder and are exploring options like fractional homeownership and multigenerational homeownership. PennyGem’s Johana Restrepo has more.
Category
📚
LearningTranscript
00:00 (upbeat music)
00:03 People are starting to get creative
00:05 to set foot on the property ladder.
00:07 According to Forbes, people are exploring two options,
00:11 fractional home ownership
00:12 and multi-generational home ownership.
00:15 Those exploring fractional home ownership
00:18 can look into companies like Picasso,
00:20 which helps people own second homes
00:22 by allowing them to own a portion of a house.
00:25 It sounds like a timeshare,
00:26 but they specifically focus on family homes
00:29 and the amount of time you get to use the home
00:31 depends on how much of the home you own.
00:33 The minimum you're allowed to purchase is 1/8.
00:36 They handle everything for you,
00:38 like legalities, payments, and maintenance.
00:41 You just have to really do your research
00:43 because some of the homes are valued
00:45 as high as $750,000 a share.
00:49 The New York Times reports that multi-generational homes
00:52 where two or more generations live together
00:55 are on the rise because the cost of long-term care is rising
00:59 and so are the prices of homes.
01:01 If you think the process of buying a home with your family
01:03 will be a positive experience
01:05 and will be happy living with them, it's a win-win.
01:09 (upbeat music)