My Home Network is organising a community forum to explore how Tenants in Common arrangements can make home ownership more accessible, share the costs of housing and build stronger communities.
As part of its integrated work in the local community, My Home Network is responding to the growing impact of the housing crisis and the need to explore alternative housing models. Collective housing approaches are attracting increasing interest for their potential to reduce housing costs, encourage shared responsibility for property upkeep and foster stronger, more connected communities.
The Tenants in Common community forum will explore one such model, which allows two or more people to own shares in a property. These shares can be held in equal or unequal proportions and may be adjusted over time to reflect changing circumstances.
Tenants in common arrangements can evolve over time. If circumstances change, an existing agreement may be dissolved and a new ownership structure established to better reflect each party’s equity in the homes and their respective interests in the land title. This flexibility can help ensure the arrangement continues to meet the needs of those involved as their circumstances change. A joint venture agreement is also strongly recommended to clearly set out each owner’s responsibilities, expectations and obligations, as well as establish a process for resolving disputes.
When structured effectively, tenants in common arrangements offer like-minded people an opportunity to pool their resources, share the costs of land ownership and create mutually beneficial living arrangements. By combining financial resources and establishing clear ownership arrangements, participants may be able to make home ownership more accessible while fostering a stronger sense of community.
Community members are invited to attend the Tenants in Common community forum on Thursday 5 November, from 7 to 8.30 pm at the Northern Arts Hotel.
The forum will feature legal insights from Ben Franklin of NWF Lawyers, alongside first-hand experiences from community members already living in tenants in common arrangements.
Ben Franklin says “We are seeing more and more requests for co-habitation arrangements to be legally documented. They can take several forms and each has their own complexities and benefits. Doing them without legal framework comes with significant risk, so I’m pleased to be involved in a genuine community effort to better understand and support collaborative ways to improve standard of living for anyone willing to consider different options.”
Dr Rachel Goldlust, a local resident and Senior Policy Advisor with the Department of Energy, Environment and Climate Action, said: “Tenants in Common is actually really common, but not many people know how it works or how it can be used to make buying land more accessible. It worked for us and now we have a little community of friends on one block.”
Light snacks will be available so please register: https://www.trybooking.com/au/event/1661830
For more information, Contact Us.
My Home Network is auspiced by Dhelkaya Health and brings together passionate community members, locals with lived experience of the housing crisis, and representatives from local housing initiatives, community and government organisations.
