Shared ownership explained: Pros, cons and how it works

The median home price in the United States is $439,716, which is a 5% increase compared to the same time last year, according to Redfin. For first-time buyers and those without equity, this is intimidating — so shared home ownership might be the answer. This approach to property acquisition allows you to co-own a primary or secondary home, making ownership more accessible with a lower initial investment. But before diving in, weighing the pros and cons is crucial. Let's explore how shared ownership works, its advantages and potential drawbacks before deciding if it's the right path for you.