Guidance

Drawing from seven years of hands-on experience guiding co-buyers through the complexities of shared homeownership, here are a few of our candid thoughts on this first stage of the co-buying process.

Common Challenges and Pain Points

Many folks don't make it past the planning. In the wild, we see folks struggle with:

• Communicating openly
• Aligning preferences and expectations between/among co-buyers
• Rightsizing expectations about their finances or the market
• Attempting to time the market
• Attempting to co-buy with too many people in the group
• House hunting too early

Co-buyers should do everything possible to avoid the above, as they can result in considerable costs—including sunk costs of time.

Advice From The Field

→ Start Planning Early: The sooner you begin planning, the better prepared you'll be to navigate the challenges and opportunities that come with co-buying. Numerous CoBuy groups we've worked with have started to plan two, three, and four years ahead of their purchase. Early planning allows for thorough research and thoughtful decision-making. It certainly reduces last-minute stress.

→ Engage All Parties: Make sure everyone involved is actively participating in discussions and decision-making. Skipping steps or leaving someone out can lead to misunderstandings and complications.

→ Prioritize Dialogue: Open and continuous communication is essential. It not only helps in building consensus but also in identifying and resolving issues before they escalate.

→ Transparency is Efficient: Be upfront with your co-buyer(s) about your financial situation, goals, and concerns. We've seen siblings, friends, and even unmarried couples hide or decline to share details about their income or savings with one another. Transparency not only builds trust but also streamlines the path forward. Financial details will be disclosed during the mortgage application process, so it's better to be open from the start.

“CoBuyers find homes much faster...they are very clear on what they are looking for due to the CoBuy program. When they find ‘the’ home, they are ready to make a decision.”

Don Koonce

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