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38 - PORT PERRY "WEEKEND STAR" FRIDAY, MAY 12, 2000 a | "Above Ground GREAT SYANAL) [e301 iN: {0 AV] el: Lo 10] Np 2 Too] KW.V\\ 0 K-71 Pools From (905) 434-7727 Sale Hours: Thurs.-Sat. LR ETR Te Ty Sun ET EST Tat) ale] l=R- RECT: 10 =] CREATIVE HOMEOWNERSHIP As house prices go up, it becomes increasingly difficult for first-time buy- ers to enter the housing market. In fact, we've seen a resurgence of some time-honoured cus- toms in recent years, as young people stay at home longer in order to save for a down payment. Also, many first-time buy- ers are downscaling their 'expectations, and buying a home with a rental apartment or a flat to help with mortgage payments. .* However, newer alter- |: natives. are-- gaining in "popularity" as 'young buy- ers "look fora way to build "some. equity in the real. estate:market One of the mare creative alternatives | that has been springing up in recent years is the joint purchase of a single property by more than one family unit. Legal duplexes are being pur- chased by friends or co- workers, with each family occupying one of the property's units. The oX "approach also &¥ well in_situstions young. people plan | to 'marry, leaving their "} parents with an "empty ie nest". The family. home is "sold, with the parents . buying¥one duplex unit their surplus funds. The younger generation assumes the mortgage payments on the remain- ing half of the duplex's .price. In this way, they can start to build equity imme- diately without having to come up with their own down payment, or getting into a high ratio mort- gage. In less formal arrange- ments, two couples may elect to buy one single family residence and share all the living space. This can prove to be a very stressful situation. If outright, and banking - its to work, the best chance for success is when there is a family relationship between the two couples, such as a brother and sister with their spouses. Whatever form of cre- ative homeownership you choose, the most impor- tant thing to remember is to get the facts straight first. Tell your real estate salesperson all about your plans. Then, your representative can ensure that you are shown homes that con- form with the appropriate zoning and municipal by- laws. Everyone involved in the purchase should agree on all sub-lease and re-sale provisions "up front". For example, can one party move out and sublet their living space to someone else? Also, what happens when someone want to sell? Does one party have the right to buy out the other's interest and, how is a fair price determined? Or, is the property put on the market with all parties sharing the proceeds? As you can see there are a lot of variables to consider. Such important issues should not be left to chance. Nor should you expect that they will be sorted out easily when the time comes. The best course of action is to get a lawyer involved and draw up an agreement that clearly sets out the rights and obligations of all co-owners. Whatever form of cre- ative homeownership you - choose, talk it over first with the expert. Your real estate salesperson may be able to suggest options that you'd never considered, and help make your home owner- ship dream a reality. ROBERT G. FCKI GREENHOUSES Bava AACEOS BESTS [GREY I B AUS Se 172 nile NL Of 1 hie kon Rd 1905) 605-4411 LN