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Pennygem
  • 2 years ago
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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Transcript
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)
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