Cohousing-L Mailing List: Re: Mini-cohousing

[Rachel (rlederman]

we're thinking of doing something similar with our house here in San  
Francisco.  In terms of the group ownership, we've owned a 2 unit  
house for many years as tenants in common and there are many slightly  
larger (3 -6 unit) houses in our neighborhood that are also TICs.  We  
haven't had any problems getting financing as a TIC group and you  
would have a contract that defines your various rights and  
obligations. The problem is what happens when someone wants to sell  
their share.  the entire group is probably forced to refinance in  
order for the new buyers to obtain financing.  this is one reason most  
cohousing developments are condos.  different municipalities have  
different restrictions on condo conversion of existing housing though.




On Jul 25, 2009, at 7:22 AM, Alex Kent wrote:

> Does anyone have experience with mini-cohousing?
>
>
>
> The idea here is to put together a group of, say, 3 families (with or
> without children), purchase either a larger house and subdivide it  
> into
> individual units and common areas (e.g., kitchen, living room,  
> workshop,
> etc.), OR buy a small multifamily house and create common spaces  
> within it
> while preserving the discrete nature of the original individual  
> apartments.
>
>
>
> The goals of this arrangement would be to create a small community or
> extended family and to reduce the often crushing economic burden  
> associated
> with home ownership.
>
>
>
> Obviously, the most challenging aspect of this scheme would to put  
> together
> the right mix of people, what my friend Lou calls "grown-ups."  In a  
> larger
> cohousing community, not everyone has to be friends with everyone  
> else as
> long as people can remain civil to one another.  But if everyone  
> lives under
> the same roof, bonds have to be tighter and the willingness to balance
> individual imperatives against the needs of the group has to be more  
> highly
> developed.  People would really have to like each other.
>
>
>
> Then there are the financial and contractual aspects of co-ownership  
> of a
> single piece of real estate.  How would a lender look at group  
> ownership of
> real estate?
>
>
>
> > From what I can tell, the problem with what has rapidly become the  
> > norm for
> cohousing in the US is that it is a movement for the upper middle  
> class.
> Cohousing is not cheap.  It may be a more attractive and "sustainable"
> approach to development and housing, but it still takes a lot of  
> money,
> especially for people like me.  I am certainly not poor, but neither  
> am I
> wealthy enough to be able to afford a house in many of the  
> established or
> forming cohousing communities with much ease.  And I am simply weary  
> of
> being a slave to a mortgage and other dwelling-related expenses.
>
>
>
> Moreover, I like living where I live now, a college town in Western
> Massachusetts, a place rich in cultural, educational, and natural  
> resources.
> I would be loathe to leave this area, but once again, these things  
> do not
> come cheaply.  Co-ownership seems like a good way to defray the costs.
>
>
>
> Thoughts?  Anyone interested in continuing the conversation off-line?
>
>
>
> Alex Kent
>
> 83 North Prospect Street
>
> Amherst, MA 01002  USA
>
> 413-896-7641
>
> www.japantrans.com
>
>
>
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