otherhome Aims to Make High Mortgage Rates Obsolete by Selling Homes Without Mortgages

Toronto, Ontario--(Newsfile Corp. - November 14, 2023) - A brand new Toronto prop-tech company is aiming to make high mortgage rates a thing of the past by offering real estate to purchasers and investors WITHOUT mortgages. otherhome offers the purchasing of investment homes around the world with up to 8 purchasers on every title. Owners can purchase as little as 1/8 of a property, with each transaction entirely cash-based. This amounts to less than the typical 20% down payment, with no mortgage being carried, thus eliminating the need for a mortgage.

"All of the news for the past 2 years has been about rising interest rates. So we came up with a business model that allows purchasers and investors to avoid mortgages altogether," said Elana Hearse, Founder and CEO of otherhome. "Allowing up to 8 owners on the title means every purchaser actually owns the property, which is far superior to a time share. Each owner benefits from appreciation of value, can earn rental income, and splits all carrying costs/bills. Every aspect of this is a win!"

otherhome has created 2 ways for multiple owners to benefit from the platform; an urban investment model and a vacation home model. Both models are perfect for those priced out of the market and who want to start building some equity, or investors who want a diversified portfolio, without carrying the massive debt of a high-interest mortgage.

The urban investment model is allowing investors to capitalize on urban markets once again. Currently in most urban markets, there are inflexible short-term rental restrictions. "Investors are currently losing money in urban centres with mortgages. However, with the otherhome structure, they're able to actually make money, even in today's challenging market. Our platform provides an opportunity for more people to fulfill their real estate investment goals by providing robust cashflows and balanced, low-risk portfolios," said Payam Ahangar, Founder and President of otherhome. This will provide a powerful new option for real estate investors to enter the market or add to their portfolio.

otherhome helps to bring up to 8 people together as buyers and owners, unlike a time share, which simply sells time/usage without any of the property ownership. In addition, otherhome provides white-glove property management services; including improvements and ongoing maintenance and finds qualified long-term tenants, while managing the distribution of cashflow to investors. This is all facilitated by their proprietary technology, which streamlines everything and is very easy to use. The otherhome legal structure is incredibly low-risk and allows owners to protect their investment from defaults and market volatility.

For its vacation home model, in addition to management and ongoing maintenance, cleaning and usage scheduling is all taken care of by otherhome in every one of their properties. Not only can owners enjoy their property, they also have the ability to earn income through short-term rentals. As an additional bonus, otherhome owners can exchange their unused time through THIRDHOME, a luxury home exchange company with over 15,000 properties, resorts and yachts in over 100 countries around the world. THIRDHOME exchanges allow otherhome owners to save an average of 80-90% on vacation accommodations.

"Whether otherhome owners own 1/8, 1/2 or the entire property, all of their unused weeks can become very valuable to them, rather than simply passing by as wasted vacant time," said Elana Hearse. "While most vacation homes sit vacant 92% of the time, otherhome properties are well-used, well maintained, and people only pay for what they may use. Every owner has the opportunity to capitalize on all of their unused time, and enjoy a minimum of 6 weeks per year GUARANTEED at their home."

otherhome also helps real estate agents and mortgage brokers to increase their commission income, allowing them to do more deals with more clients that may have been priced out of the market or don't qualify for a mortgage. This dynamic provides a very unique and powerful opportunity for all players in the market to benefit from otherhome's platform; sellers, buyers, investors, realtors and property developers.

otherhome currently offers premium properties in Turks and Caicos, Tulum, Playa del Carmen, Gravenhurst, Severn, and Oakville.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10114/187227_37fbc8cc24668988_002full.jpg

Figure 2

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10114/187227_37fbc8cc24668988_003full.jpg

Figure 3

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10114/187227_37fbc8cc24668988_004full.jpg

Figure 4

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10114/187227_37fbc8cc24668988_005full.jpg

Figure 5

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10114/187227_37fbc8cc24668988_006full.jpg

Figure 6

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10114/187227_37fbc8cc24668988_007full.jpg

About otherhome

otherhome is a revolutionary prop-tech real estate company that has partnered with world-renowned PMA Brethour Real Estate Corporation, Brokerage. This innovative business model combined with PMA's 60+ years of real estate knowledge and experience is set to become a powerhouse, offering the purchase of real estate opportunities like never seen before.

Visit otherhome.ca to learn more about our available properties or call for info.

###

Contact Information:
otherhome
Elana Hearse
416.312.0665
elana@otherhome.ca

website: www.otherhome.ca
socials: @otherhome.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187227