Creating Your Co-Ownership Guidelines: Identifying Shared Goals

Every group is different, and there are many ways to approach creating your Co-ownership Guidelines. Sometimes these are called Group Agreements, or Co-Ownership Terms. This step helps to set the stage for developing your Co-Ownership Legal Contract. Your group may find it beneficial to write down and formalize your ideas (our recommendation!), or you may prefer an in-depth discussion.

Creating a Mission Statement

Some groups create a mission statement to guide them through the process. Starting with an overarching philosophy or ideal can help steer your discussions and conceptualize how your group will live together. The goal is to develop a shared understanding and build mutual trust before committing fully to living together. Here are some examples:

Aging-in-Place: Our home is dedicated to supporting each other as we age-in-place. We respect each other’s independence as well as each other’s need for assistance from time to time. Above all, we take care of our home for each other and ourselves.
Building Equity: Our home is created so that we, as siblings, are able to enter the real estate market and begin building our equity. We will create a home based on trust, family, and community so that we may have access to future opportunities.
Multigenerational Living: Our home is created so that three generations can live together, and so that our children may better know their grandparents. We will create a home together so that we can support and learn from each other and meet the needs of all who live here.
Sustainability: Our home is created so that two families can live together in the most sustainable ways possible. We will reduce our waste and carbon footprint as much as possible and support each other to live in harmony with each other and the planet.
Community Extension: Our home is an extension of our communities; it is a place for us to grow with chosen family and to create alternative ways of being in relation to one another. We value our neighborhood, schools, and city, and are a part of making these spaces where we and our neighbors can thrive.

Developing Your Mission Statement

What might a mission statement for your home be?

Refer back to the exercises you completed in Step 1, where you explored questions describing the kind of home you would like to have. Combining your needs, wants, and dreams into a group vision will help in discussing the principles and understandings that might guide your purchasing group in living together.

Importance of Documentation

“It is better to have more documented, rather than less. Agreeing on House Rules and writing them down together can create an expectation that what is agreed will actually happen.”

— Lesli Gaynor, Co-founder of Husmates

Having well-documented Co-Ownership Guidelines ensures that everyone is on the same page and sets clear expectations. As you work towards finalizing your Co-Ownership Guidelines, remember that clarity and mutual understanding are key to a harmonious co-ownership experience.

How do you share? How do you respect privacy?

How do you care for the well-being of each other?

What’s important to everyone in the house?

What adjectives express a successful home (Harmonious? Lively? Quiet?)

Can you synthesize your group’s vision for your home into one or two sentences?