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What Homeownership Option Is Best for Your Family?
Pennygem
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9/24/2024
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.
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Learning
Transcript
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00:00
People are starting to get creative to set foot on the property ladder.
00:07
According to Forbes, people are exploring two options,
00:11
fractional homeownership and multi-generational homeownership.
00:15
Those exploring fractional homeownership can look into companies like Picasso,
00:20
which helps people own second homes 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 depends on how much of the home you own.
00:34
The minimum you're allowed to purchase is one-eighth.
00:37
They handle everything for you, like legalities, payments and maintenance.
00:41
You just have to really do your research,
00:43
because some of the homes are valued 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, are on the rise,
00:56
because the cost of long-term care is rising and so are the prices of homes.
01:01
If you think the process of buying a home with your family will be a positive experience
01:05
and will be happy living with them, it's a win-win.
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