"Create a family estate with real estate.  Not exactly like Downton Abbey…  a family estate can be created from assets which individuals own that are pooled to create greater assets such as real estate that is shared by a family.  Real estate can be shared by co-owning amongst a group of individuals or family. Pool your family assets such as down payment and borrowing capacity for more buying power.

Combining family income and financial assets for the purchase of a larger property can be a benefit to all involved. You will have extra hands to look after the land…..more adults to look after young children, fruit and veggie garden and home maintenance.  Adult children will be there to look after their aging parents.

In some cultures a family may gift a home to the newly wedded. Commonly, in Canadian culture we live in individual housing units.  A three generation family may own or rent 4 individual homes.  Imagine if those assets were combined? Logistically your family has to have a common home ownership goal in the same location to do this.

Usually life events cause a change in home ownership.  A marriage, a death , a birth , or a divorce or retirement or changes in health.  Thinking ahead as a family and planning for these life events will provide the opportunity to make a family estate plan. Co-own a larger or more expensive property, such as an acreage with more than one dwelling.

I’ve seen several successful family situations where family members benefit from co-ownership.  We are fortunate to have options in the Cowichan Valley.  There are many acreages suitable for extended families.

It is important to involve lawyers at the outset before you buy, so that the rights and obligations of the family members are agreed upon. Make a medium and long term plan ,for example, for the upcoming period of 5-10 years. Be sure that all owners agree with the obligations of who pays for what and who is responsible for repair costs and bills.

If you want to “live the life you’ve always dreamed of” on Vancouver Island, contact me, Vida Glaser to view amazing acreages or properties suitable for your desired type of co-ownership."