Agree on Property Criteria

Determining the characteristics of the property you aim to buy is another pivotal step in the co-buying process.

💰 Price

Establish a budget range that is feasible for all parties involved. This narrows your options and sets clear financial expectations.

📍 Location

Decide on a location or multiple locations where you'd like to buy. Consider factors like commute times, safety, and proximity to essential services.

🔎 Amenities

Discuss what amenities the group wants. This could range from school districts and public transit accessibility to proximity to parks, nightlife, or hospitals.

📐 Size

Agree on the size of the property in terms of square footage, number of bedrooms, and other spatial considerations.

🏡 Home Type

Settle on the type of home that suits your group's needs—whether that's a single-family home, a condo, or something else.

🛠️ State of Repair

Discuss your willingness to take on a fixer-upper versus preferring a move-in-ready home. This will affect your budget and the amount of work you put in post-purchase.

⚖️ Relative Importance Weightings

Compromises will likely have to be made. The most efficient way to get ahead of this is to assign relative importance weightings to your property criteria. ‍

→ What's negotiable?

→ What's non-negotiable?

Prioritize the things that are most important to the group. If you can reach mutual acceptance on a home that ticks all your boxes without stretching your budget, it's a win! If you need to adjust your search criteria or relax your expectations, you'll be prepared.

💡Fast Fact

According to a recent survey, 93% of all US homebuyers had to compromise on at least one of their search parameters. Location and price topped the list.

By aligning on these property criteria, you'll be better equipped to conduct a focused and effective property search, reducing the likelihood of future disagreements or dissatisfaction.