Co-Buying

When a group of people purchase property together they increase their buying power and lower the barrier to entry for homeownership.

Families, couples, and single folks can all co-buy — the makeup of your group doesn’t have to look a certain way to be successful.

Co-buyers identify their interests and resources, and then evaluate potential properties that will work for their needs.

We love helping groups tackle real estate questions and find the right property for their budget and needs.

Co-Buying in Real Life:

Logan, Elizabeth & Heather

Logan and Elizabeth had outgrown their 2-bedroom condo and needed more space, indoors and out, for their three kids.

Heather, Logan’s mom, was getting ready to retire and wanted to live closer to her grandkids.

Once they understood each others’ needs and what co-buying and intergenerational living might look like for them, we found a property with potential — a ranch with four bedrooms upstairs. But it was when we saw the downstairs, with a massive rec room, a bathroom, and 1950s-era wet bar, that we all knew this was the right spot. It sounds funny, but we get really excited when we walk into a basement and find a sink because it means our clients can more easily (and cheaply) add a kitchen. With just a little bit of construction, Heather has her own space downstairs where she can age in place.

Another hidden gem is the old milk delivery box, with both interior and exterior access. Grandma Heather delights in putting tiny treasures or tasty treats in the box for the kids to discover. We get a little weepy when we think about what amazing memories those kids are going to have as they grow up!

Is Co-buying right for you?

Aside from being practical, these questions can also help co-buyers to develop ownership agreements.

Lifestyle Questions

What is important to me about where I live (and with whom)?

How do I leverage my existing assets into my next life goal?

Who else do I know who shares these values and goals?

Ownership Questions

How long do you want to own the property you’re buying?

What happens when someone wants to sell? Can owners sublet their space?

Do you allow sweat equity?

Combining Resources for a Stronger Loan Application

The sum of the parts is greater than the
whole.

One of the major positives of co-buying is that we are able to combine all borrowers’ income and assets as opposed to individually qualifying each borrower.

Think of it as the sum of the parts equals the whole.

Multiple borrowers will each have different incomes, assets, and credit profiles.

Lenders will use the lowest credit score among the borrowers to factor interest rates, closing costs, and in some cases, Mortgage Insurance.

Curious how much your group can afford?

Combining Resources in Real Life:

Mark, Kristina, and Kelsey.

Mark hoped to use an inheritance to buy a condo but his income as a working musician made it difficult to find one that fit both his personal and financial needs.

After he and Kristina came to
one of our co-buying classes, they realized buying together with another friend made a ton of
sense for them.

The obvious choice was Kelsey, Kristina’s longtime roommate. Both are single moms, so they started a conversation about what kind of house might work for two moms, their two sons, and Mark.

By combining their resources — using Mark’s inheritance for the down payment and Kelsey and Kristina’s consistent salaried income for the remaining financing — they were able to buy a beautiful 5-bedroom, 2-bath house, with ample space for an RV and a future tiny home. Kelsey and her son are upstairs, while Mark, Kristina, and her son live downstairs; Mark uses the RV when he needs kid-free time. The spacious lot, which included an established garden and greenhouse, also inspired Mark to start a gardening business.

Along with his music, Mark has financial stability and two creative outlets. Kristina and Kelsey have a wonderful place to each raise their kids with the support of three loving adults. Co-buying brought something for everyone.

I’m interested in Co-Buying!

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Not sure where to start?

Learn more about our education opportunities. We’d love to answer your questions at one of our meetups or classes.

Take the next step.

Ready to make a move? Real humans who care are waiting to help you every step of the way – from questioning to closing and beyond.