Can I Sell Half My House?

The jointly owned property offers some significant advantages for homeowners, especially when there are high expenses, renovations, and repairs required for a house. While separate property offers more privacy and exclusive access to the house, there are reasons why co-ownership or joint ownership is an option that many people consider:

• If you own your home, you can transfer half or a percentage of your property to someone else. The new co-owner pays the lump sum or the agreed-upon amount every month to cover their portion of the mortgage payment.
• It’s easier to manage expenses by co-owning a home with multiple people if you want to keep the house but find it difficult to afford all the expenses as a sole property owner.
• You can split the cost of appliance repairs and replacements, renovations, property taxes, and joint ownership.
• It’s less expensive for two or more people to buy a house together, and there is the potential to purchase a larger property with a higher sale price than if bought as a sole owner.

While there are plenty of benefits to co-owning a home, several drawbacks may occur, due to a lack of agreement on financing, sharing costs, and other matters, such as renting all or part of a home to tenants.

For this reason, it’s crucial to seek legal advice and consider all the options available, including the possibility of tenancy, rental income, and other areas of property ownership that will impact everyone involved.