Co-buying homes. It’s a thing.
Folks decide to buy homes together for different reasons, but finances are often a key driver. Whether you’re considering co-ownership of a home that will be your primary residence or you’re an investor looking for diversification or leverage, it’s easier to buy a home when you split the fixed costs. Co-buying also boasts the advantage of economies of scale: a 2 or 3 bed home is cheaper on a per bedroom basis than a 1 bed home. This makes co-buying is an attractive option for some. Ironically though, there isn’t any straightforward, affordable way to go about jointly purchasing a home.
Buying a home is complicated enough. Co-buying introduces unique challenges that neither a do-it-yourself approach nor a series of consultations with real estate professionals and lawyers really address in a cost-effective manner.
There are some things you shouldn’t do unprotected. Co-buying a home is one of them.
Enter CoBuy. We created CoBuy to fill the gap and make it easier to co-buy a home. Many people are interested in co-buying a home, but there are a lot of questions to be answered. How does joint financing work? What are the risks? What happens if one co-owner wants to leave in two years and the other doesn’t? What happens if on co-owner goes bankrupt? Getting approved for a joint mortgage, planning for various possible scenarios, protecting against the financial risks involved with joint ownership, and determining how to hold title are just a few of the prickly points. We have identified these and numerous other ‘pain points’ involved throughout the process and worked to develop best-practice solutions. There is no one-size-fits-all approach but the potential hurdles and questions raised by people looking to co-buy are tend to be similar in nature.
In this blog we will venture to address common questions about co-buying. We’ll also explore different aspects of co-ownership and in particular, how to approach co-buying intelligently. As with any important decision, a little due diligence and preparation can go a long way. If there’s a topic you’d like us to addres, don’t hesitate to get in touch. We would love to hear from you.
For those who are ready to take the first step or want to learn more about the platform we have developed for co-buyers, please check out our site.
Whether you’re buying with friends, family, or a loved one, CoBuy is here to help.