Cooperative living can mean sharing space, but it can also be an opportunity to share time, resources, and skills as you live and build your ideal home together.
What else can be shared? Consider the following things.
Resources you bring into your home
Small appliances
Furniture
Collections
Decor
Car
Bike
Exercise equipment
Tools
Gardening equipment
Management of logistics and other skills
Interior design
Handiness/building/DIY skills
Mortgage payments and utilities management
Property management
Time, Effort, and Potential Activities
Pets and pet care
Childcare
Elder care
Assisted living supports
Driving
Neighbourhood engagement
Cooking
Cleaning
Meal sharing
Food/shopping
Socializing/hosting
Entertainment: games, TV, sports
Gardening
Identifying Strengths and Competencies
Everyone has something to contribute. By getting to know one another and thinking through each of your roles in the group based on your individual competencies and strengths, you will have a better chance of creating a successful co-owned real estate purchase and home together. If you identify gaps in your group’s collective offerings, you can use this information to seek outside resources or help.
Just as you can benefit from pooling your shared financial resources, you and your group members also have other, non-financial contributions that can make your co-living arrangement successful. Begin by reflecting on the questions below to consider what else you might bring to this new arrangement.
What are your strengths in the context of home ownership? Are you comfortable managing finances and logistics? Do you have construction or home maintenance skills? Do you have an eye for home decorating? Do you enjoy housework and cleaning? Is there something else you’re good at?
Example: I am very handy and able to perform most if not all basic home maintenance as well as a few higher-level tasks.
What is your preferred social role in a household? Are you a skilled care provider? Are you a good mediator or facilitator? Are you an “ideas” person? Do you bring energy, or are you a calming presence? Do you cook? Is there something else you’re good at?
Example: As someone who absolutely adores animals and children, I am more than happy to take on pet care and childcare duties when needed.
What are some things you would like other members to bring to your household?
Example: I am terrible at decorating and would love to have someone create a beautiful and inviting home with me
When you compare your answers with your prospective co-purchasing group, what group strengths do you notice? What are areas where you may need to seek outside help?
Example: Does anyone know how to change a lightbulb?
Check out the next step for tips on how to find your ideal group!
Looking for Co-Owners?
Try Our Matchmaking Service!
How Do You Establish Your Purchasing Group?
Click on the sections below to learn more.
Getting Creative with Co-Ownership
What are all the Steps to Becoming a Co-owner?
Click on the links below for all the blog articles related to each step.
“Spaces and homes can be changed, but goodwill
and family relationships are precious. Anyone thinking about co-ownership in real estate should consult a lawyer
about legacy planning before buying anything.”
Other posts from The Ultimate Guide to Co-Ownership
