Are you looking to invest in residential development?
The building sector is booming right now and Ottawa Cohousing offers a variety of investment opportunities.
Invest in new construction of residential units that are likely to sell before construction is complete, without the need for a sales office or agent. Any units that do not sell prior to construction, will convert to rentals to be sold later. The rental units in our cohousing model of development are secure with long-term financial health and minimal landlord duties and vacancy risks.
Cohousing has proven to be a very stable form of housing with less turnover and longer tenures. Residents invest in this housing model choose it with intention. Existing cohouses in Canada and around the world have long wait lists of interested households. Units are in high demand and it doesn't take long to resell or fill a rental vacancy.
Ottawa Cohousing makes investing easy
We will be directly involved with the development process including: hiring a Project Manager or collaborating with a Developer, project and construction budgets, specifications, development and construction schedules. We will ensure that contracts and budgets are reviewed by professionals, that contingencies are appropriate to each phase of development, and that payments are certified. Monthly reports on work, schedule and budget will be shared to keep investors up to date on the progress of the project. Ottawa Cohousing is dedicated to supporting our investors by keeping them well informed.
Tenants interested in Cohousing are in it for the long term.
Each tenant will be carefully vetted by both Ottawa Cohousing but also, and more critically, by the Cohouse group that they will be living beside and sharing the cohouse with. As they will be committing to share in both the space, utilities, and the group amenities, tenants will also need to share in these maintenance responsibilities. This means that day-to-day maintenance and cost of small fixes and improvements of the rented unit will fall to the tenant. Small investments and maintenance of any shared cohouse costs also falls to the tenant.
Large fixes or improvements may still involve the investing owner, as per the legal arrangement established during the development phase.
Due to the significant commitment and responsibilities of the tenants, the lease agreements can be up to 5 year terms. This provides both the tenant and the investing owner with greater security. Depending on who owns the rental unit, if tenants need to leave their lease early, the process of subletting to a new tenant may be vigorous, with the potential renter vetted by the residents of the cohouse and Ottawa Cohousing before successful determination. Ottawa Cohousing has a roster of pre-vetted candidates to draw from.
Existing cohousing developments demonstrate a consistently high demand for units to purchase once the community is established. Sale of rental units are typically offered to existing cohouse members for first dibs. The suggested process for these types of 'after sales' can be established by each community during their community formation so that clarity and fairness is understood in the organization of such sales.