Basics FAQs
How long does co-buying take?
Two months to several years. You can shorten the time it takes through research, planning, and strategy.
How long does co-ownership last?
It’s entirely up to you. Some folks co-buy as a short-term play. With a well-planned strategy, co-ownership can be rewarding over relatively short time frames. Other folks choose to co-own for the long haul.
How many people can co-buy together?
Technically, there's no limit if financial resources are abundant, with two caveats:
- Obtaining traditional financing through a residential mortgage lender becomes difficult with more than five co-borrowers on a mortgage.
- Some local governments limit the number of unrelated adults who can share a home.
Do we need a 20% down payment to co-buy?
No. Many mortgage products exist that allow borrowers to put less than 20% down towards a purchase. Some government loans allow for little to no down payment, but eligibility is borrower and case-specific.
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.