The advent of the Tenant in Common Exchange (ticX) means you can now:
- Design, build or renovate (subject to Council approval) to create a dual-occupancy or multi-family property that may not need to be strata titled to be sold to separate owners. (Subject to Council regulations)
- Re-design the existing large 4- or 5-bedroom family home into two or more separate living spaces to be sold to separate owners (or rented).
Home seekers can now buy an affordable ticX share in a property and occupy that space which reflects their share of ownership. Buyers of an ownership share are the legal owners of the asset and their interest is separately registered on title as a co-owner.
We believe many empty nesters would rather stay in their family home with all its memories but would like to downsize to occupy a smaller space. Renovating larger homes into dual occupancy can provide affordable housing for millennials and others as well as providing empty-nesters with much needed funding in retirement.
Selling an ownership share in your ‘main residence’ (your home) would generally be exempt from capital gains tax (CGT).
Tenancy in common ownership: A tenancy in common is created when a property (or part of the property) is sold and is then owned by two or more persons in equal or unequal shares. Each co-owner’s interest is registered on title. For buyers the ticX platform means a purchaser no longer needs to buy the whole property. Shared ownership makes every property ‘affordable’.
For any questions or to get your property ‘ticX listed’ contact your local ticX Member Agent.