Building on your understanding of the needs and wants of each group member, you can begin to create a list of criteria that you are looking for in your co-owned real estate purchase. This Home Brief will help your agent’s guide to finding you a property.
As you hunt for homes together, you will likely be presented with options that require you to make a decision within hours, as a team. Everyone’s desires and house criteria need to be clear, so that as a team, you can determine quickly whether you want to see a house.
Example: The McGill Group
Home
They had a strong need to accommodate Serena in a wheelchair: she needed a main floor bedroom and bathroom big enough to be renovated to fit her chair. A separate entrance for Kativa was a nice to have. Tom and Lara wanted a 4th bedroom for a future child.
Property
Garden space was highly desired by all, and properties without any garden space wouldn’t be considered.
Neighbourhood
This is where they found they were all flexible. They all preferred finding a house that accommodated their present and future needs comfortably, rather than being close to downtown: suburban homes were acceptable.
Your Home Brief
Now it’s your turn. Get together with your group and create your home brief!
Your Home Brief is an extension of all the work that you did in Steps 1 and 3 when reviewing your compatibility with your purchasing group and developing your Group Agreement. Building on those exercises, use this table to create a shared picture of what you’re looking for in your housing search. Review your Home Brief with your real estate agent to ensure that it is possible to purchase the home described by your brief within the group’s budget that you established in Step 2.
| Home Attributes | Must- Haves | Maybe / Nice to Have | Prefer Not | Absolutely Not |
|---|---|---|---|---|
| The Neighbourhood | ||||
| Walkability: To shopping To transit To amenities To schools |
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| Schools Elementary High School |
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| Character Old New |
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| Density: Urban high rise Suburban Green space |
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| The Property | ||||
| Driveway | ||||
| Covered Driveway | ||||
| Stairs | ||||
| Separate Entrances | ||||
| Lawn and Garden: Lawn coverage Garden space |
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| Deck | ||||
| Tool Shed | ||||
| Garage | ||||
| Pool | ||||
| Space for pets | ||||
| The Home | ||||
| Bedrooms: Own Closets Shared Closets # required |
||||
| Bathrooms: Own Shared Ensuite Powder Rooms |
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| Kitchen: Own Kitchen Shared Kitchen Own Appliances |
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| Common Areas: Living room Dining Room Den Stairs Main floor |
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| Requirements | ||||
| Stairs | ||||
| Hallways | ||||
| Storage Space | ||||
| Type of Heating | ||||
| Appliances | ||||
| Other: | ||||
| Other: | ||||
| Other: | ||||
Once you have your completed home brief and have assessed it with your realtor, you can start looking at properties. In the next section, we break down different types of properties your group may look for.
How Do You Find Your Property?
Click on the sections below to learn more.
What are all the Steps to Becoming a Co-owner?
Click on the links below for all the blog articles related to each step.
“If the Home Brief is too ambitious for the price, it should be modified before the group starts looking. It has to be based on the realistic options in the marketplace, otherwise everyone will be disappointed.”
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