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How co-owning can enable a remote lifestyle

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Alongside the major global shifts that were a result of the COVID-19 pandemic, remote working emerged as the new norm for many businesses. From going from in-person meetings to Zoom meetings and from forty-five minute commutes to walking downstairs to your kitchen counter, remote working has shown us that successful employees can work from anywhere. According to Statistics Canada, in 2016 only 4% of the Canadian population worked the majority of their hours from home, as of January 2021 this has now gone up to 32%. And while some companies have managed to return to office with COVID protocols in place, many have chosen to embrace and adapt to a remote style of work. Not only have many companies chosen to embrace a remote or hybrid work style for cost and efficiency purposes, but many of their employees may not want to go back to working in person. In fact, a study by Statistics Canada found that after the pandemic is over, 80% of remote workers would like to work the majority of their hours from home.A growing number of people now find that working remotely enables them to lead a more efficient and flexible lifestyle. Now more than ever, we're seeing an increasing number of these people embracing the ‘digital nomad lifestyle’. Driven by technology, these individuals are choosing to live a location-independent lifestyle, where they can travel and work anywhere in the wirelessly-connected world. For those who do wish to embrace a remote lifestyle, real-estate can be tricky to navigate. While traditional homeownership provides many benefits, it does not provide you the flexibility to move around.

Here is how Key’s innovative co-ownership solution can enable a remote lifestyle:

No required mortgage

When taking on a mortgage through traditional homeownership, it is typically recommended to stay in your home for a minimum of 5 years, and in order to leave with a larger return on investment, stay for over 10 years. This poses a significant challenge to someone who is unsure of their timeline, and wants flexibility in where they live, as moving out earlier could result in them losing money or breaking even. With Key, you will never be required to take on a mortgage. After the end of the third year an Owner-Resident can choose to take on a mortgage and buy their suite, but there is no obligation. This also means that you will not be faced with the barriers of qualifying for a mortgage. Throughout the pandemic, working from home was particularly prevalent among those who are self-employed. In fact, many individuals left their companies to work as freelancers. Qualifying for a mortgage can be extremely difficult when you’re self-employed as lenders often see you as a higher risk. Key allows you to start owning and building home equity from day one without the requirement to qualify for and take on a mortgage.

Keep saving while owning

With Key, you can start owning for a fraction of the cost of a typical 20% down payment. With our co-ownership solution you can start owning for an initial investment of just 2.5% of the value of your suite (around 15k for most!). For someone who does wish to work remotely and travel easily, this means they will not have to put all their savings towards a big down payment and inhibit themselves from moving around.

Frictionless moving

Key’s co-ownership model allows for you to move out of your suite without the typical frictions of selling your home. Instead of being locked into a mortgage or long-term lease, after your first year just give us 75 days' notice to sell. At the time of selling you'll get your home equity and any appreciation will be returned at market value.  As with all homeownership, you are taking on the risk of your suite depreciating. You will also be saving a minimum of 6% of the costs involved with buying and selling traditional real estate.Co-owning with Key allows you to enjoy the benefits of owning with the freedoms of renting. Our innovative model allows you to start owning for just 2.5%, and start building equity at your own pace, all with no required mortgage.If you’re someone who wants to continue living a remote and flexible lifestyle post-pandemic, our model may be the right solution for you. Learn more about if co-owning makes sense for you and other benefits of co-owning real-estate with Key.

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