Section Review

Section Summary

In this section, we've ventured into the main event: co-ownership.

Co-ownership is multi-dimensional!

It's helpful to start thinking about how the various moving parts fit together: the financial aspects, social aspects, day-to-day admin, and even the risks.

You don't have to fully tackle every detail before closing on a home purchase. At the same time, you don't want to wait to have important discussions about co-ownership until you're under contract on a home.

The first stage of co-buying is all about planning and building consensus. In practice, the collaborative decision-making that characterizes that first stage continues throughout the co-ownership journey.

From the day you take possession of the home until the eventual conclusion of your co-ownership arrangement, you and your co-owner(s) will build and maintain consensus across all aspects of your joint venture.

As with the co-buying process, managing co-ownership requires the active participation of all co-owners.

"If you invest the time earlier to create structure and process around communication, planning, and goal-setting, you can prevent missteps before they occur."

-Christine Tsai

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📕 Recommended Reading

CoBuy Blog: Co-ownership 101: A Roadmap to Better Returns

CoBuy Blog: Ultimate Guide to Shared Homeownership

CoBuy Blog: Co-ownership Agreements Explained

CoBuy Blog: Documentation in Co-ownership

CoBuy Blog: 5 flashpoints you need to avoid