May 4, 2024

The Five Steps To Co-Ownership

Why The Five Steps?

Our collective experience as a team has taught us that the path to co-purchasing real estate should be completed in five steps. When beginning a real estate journey, you can jump right ahead and look at houses and begin to envision your dream home. Just remember, that co-ownership in real estate is a bit more complicated than traditional real estate purchases, so ensure you understand all the steps before signing any agreements.

Clients are always so anxious to start with houses! But when I sit them down to discuss everything that’s involved, they’re grateful to be prepared.

— Parimal Gosai, Co-founder, Husmates

The Five Steps To Co-Ownership

The five steps to co-owning real estate are:

Step 1: Finding Your Purchasing Group

In this step, we will cover the processes for finding and forming your purchasing group as well as covering how to form and build your priorities to better match you with your group.

Step 2: Building Your Financial Model

In this step, we will cover the financial aspects of preparing your group for real estate purchasing. This includes mortgages and budgets. Get your calculators ready!

Step 3: Creating Your Group Agreement

In this step, we look at creating a group agreement that will be the basis for your co-living arrangements.

Step 4: Making Your Legal Agreement

In this step, we will go through the process of creating a legal agreement for your group including preparations for many possibilities that can arise.

Step 5: Finding Your Property

In this step, we will cover how to find your perfect and ideal property as well as tips on zoning, renovations and what to look for in a home.

But I Want To Look At Houses First…

Finding your property is the last step in this process. Many groups and co-owners want to start their home-buying journey by trying to look at the possibilities. The truth is, you can start anywhere in the process. If you want to start looking at properties, download the Husmates app on Google Play or Apple App Store, view properties and match with potential co-owners. Remember, it is important to build the foundations of your co-ownership purchase and solidify your co-ownership group’s needs, wants and dreams while looking at potential homes.

The process of purchasing is fluid and your group will likely be discussing many aspects of your purchase at once. The steps are here to help prioritize building the relationships between members of your group. By working together through these steps, you will learn about yourself and each other, and be in a better position to determine your co-ownership compatibility.

We believe that you should always fully explore the living terms of your co-purchasing relationship - both current and future - before any legal or binding decisions are made.

What’s in The Ultimate Introduction to Purchasing Co-Owned Real Estate?

  1. Introduction to Co-ownership
  2. The Benefits of Co-ownership
  3. Getting in the Co-ownership Mindset
  4. The Five Steps to Co-Owning Real Estate
  5. Co-ownership In Action, Case Studies:
    1. The Golden Girls
    2. Multigenerational Magic
    3. The Single Moms Merger