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Pennygem
  • 7 weeks 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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00:00People are starting to get creative to set foot on the property ladder.
00:07According to Forbes, people are exploring two options, fractional homeownership and
00:13multi-generational homeownership. Those exploring fractional homeownership can look into companies
00:19like Picasso, which helps people own second homes by allowing them to own a portion of a house.
00:25It sounds like a timeshare, but they specifically focus on family homes and the amount of time you
00:30get to use the home depends on how much of the home you own. The minimum you're allowed to
00:35purchase is one-eighth. They handle everything for you, like legalities, payments, and maintenance.
00:41You just have to really do your research because some of the homes are valued as high as $750,000
00:47a share. The New York Times reports that multi-generational homes where two or more
00:53generations live together are on the rise because the cost of long-term care is rising and so are
00:59the prices of homes. If you think the process of buying a home with your family will be a
01:04positive experience and will be happy living with them, it's a win-win.
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