Nantucket’s high home prices and tight inventories have us all pondering how to maximize value. What if there was a way to sell off an unused portion of a lot? What if a cottage could be subdivided from the main house? The Covenant Program provides solutions for both buyers and sellers, blurring the line between the ones who serve and the ones who benefit.
In today’s robust market, savvy island property owners use the Covenant Program in creative ways, all while generating homeownership opportunities for local people. Retirees, no longer interested in maintaining rental cottages, create covenant homes with separate driveway access on their property. Owners of large lots divest in the unused portions. Off-island owners retain the main house as a summer rental, but carve off the secondary cottage as a covenant home. Owners who have trouble selling a property as a whole have better luck selling two parcels, one as a covenant. Employers create covenant homes for their employees. Parents parcel off covenant lots for grown children. Divorcing couples utilize covenant capabilities within their settlements. And the list goes on.