Roles, Rights, Responsibilities
Many co-owners defer discussions around individual rights and responsibilities.
Depending on your circumstances and preferences, you may choose to be more or less prescriptive.
Co-owners should define responsibilities
In any joint venture, setting basic ground rules or expectations is a good idea.
Most folks don't need to define who takes the trash out! But there are other, larger, responsibilities involved with co-owning a home:
- Bills
- Payments
- Expense tracking
- Taxes
- Home maintenance
- Repairs
- Cleaning
- Documentation
These are just a few of the fun tasks you'll get to split.
Co-owners should define rights, too
Some of the most common things co-owners agree on here include:
- Spatial rights (access to bedrooms, parking, shared spaces)
- Guests
- Time rights
- Financial rights, including whether co-owners can take a loan against the home
Matt Holmes (LinkedIn) is co-founder and CEO of CoBuy, formed in 2016 to unlock homeownership for everyone. Before hopping a flight to Seattle to start CoBuy with his mother, Matt worked in investment banking and financial markets in London for a decade. He holds degrees from University College London (BSc Economics) and ESCP Business School (Masters, London & Turin).
Pam Hughes (LinkedIn) is Co-founder and COO at CoBuy. She has over 40 years of experience across finance, real estate, insurance, and construction. Pam has committed to personal empowerment through financial education for decades, which inspired her to start CoBuy with her son in 2016. She's best friends with a small dog known as Francis.