Finding Your Purchase Group: How To Find Your Group

There are many ways to form a purchasing group for co-ownership purposes. While co-ownership is still relatively new, there are plenty of services that are available to you even if you are a single buyer looking for a group.

There is no right or wrong way to form a group. Whether you form a group with close friends, a multigenerational group with your family or complete strangers, your success as a group is dependent on your co-operation and commitment to the process rather than how long you’ve known each other. 

Regardless of any prior relationships, you will need to be open and honest with your group. It is best to establish an idea of shared goals now as things are only going to get more intimate. These people that you will be living with will get to know not just your personality but also your financials.

Be open and honest with potential group members. If you’ve been open and honest with your needs, wants and dreams, it will be much easier to find people that match your desired lifestyle and ideal home. And remember the three C’s of the cooperative mindset: cooperation, compassion and compromise. 

Types of Co-Ownership Groups

Family Connections

Multi-generational living is a concept that’s been around for a long time. Many people grew up in multi-family households, living with grandparents, aunts, uncles, and cousins as well as their immediate family. It’s a great way to stay close to your family as well as sharing the various burdens of homeownership, aging-in-place and childcare in many cases. 

Personal Connections

Next to family, finding friends and people you have existing personal connections to are another great way to form a co-ownership group. Personal connections may be preferable to family connections as there are different expectations. You can create your own ideal home together based on your shared interests, beliefs and ideals. 

Strangers

While the idea of living with strangers can be daunting, it can work out quite well. Without prior relationships and connections, there aren’t the same expectations when it comes to living together. You may find you can compromise less and be more choosey with strangers. It can work great

 

So how do you find co-ownership group members?

Of course with personal relationships and multi-generational groups, you have plenty of options to reach out and connect already. But what about when it comes to strangers? How do you find people who align with your own interests and ideals? 

GoCo’s Online Matching Platform

GoCo recently launched a matching platform to help people find like-minded individuals and form a group to co-purchase real estate. We want to be able to help people from the beginning all the way up to the end of the co-ownership process, as well as any time beyond! You can sign up here.

Think Commonly Platform

Another online method is through the unique Toronto-based Think Commonly platform. This site is designed specifically to match buyers looking to make a co-owned real estate purchase. Check it out here.

Other online methods

There’s plenty of online forums, Facebook groups and social media platforms that allow you to connect with people looking for creative solutions in Toronto’s real estate market.

GoCo Events

GoCo likes to put on events, online and in-person, to promote and educate people on co-ownership, cohousing and coliving. Join our mailing list to keep on top of upcoming events.

Head over to Sketching Your Ideal Home for the next steps!

Looking for Co-Owners?

Try Our Matchmaking Service!

How Do You Establish Your Purchasing Group?

Click on the sections below to learn more.

  1. Introduction to Finding Your Purchase Group

  2. What Do You Want?

  3. Getting Creative with Co-Ownership

  4. How To Find Your Group

  5. Sketching Your Ideal Home

  6. Summary & Next Steps

What are all the Steps to Becoming a Co-owner?

Click on the links below for all the blog articles related to each step.

  1. Familiarize Yourself with Co-Ownership

  2. Finding Your Purchasing Group

  3. Building Your Financial Model

  4. Creating Your Group Agreement

  5. Making Your Legal Agreement

  6. Finding Your Property

“Some of the best cooperative living arrangements are with former strangers. Because they don’t expect to be best friends, and they act as responsible members of a purchasing group from the start.”
— Lesli Gaynor, Partner GOCO

Other posts from The Ultimate Guide to Co-Ownership

Featured
Finding Your Property: Are You Ready To Buy?
Step Five
Finding Your Property: Are You Ready To Buy?
Step Five

Now that you’ve made it this far, let’s talk about what happens when you find a property that you like and that fits your group. Again, the market is competitive so you and your group have to be ready to act fast.

Step Five
Finding Your Property: Let's Talk About Homes and Renovations
Step Five
Finding Your Property: Let's Talk About Homes and Renovations
Step Five

As we said at the beginning of this step, the real estate market is a seller’s market most of the time. In the GTA, that isn’t looking to change any time soon. While there are a lot of different types of properties that your group can look at, you should always keep in mind that supply is limited.

Step Five
Finding Your Property: Your Home Brief
Step Five
Finding Your Property: Your Home Brief
Step Five

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.

Step Five
Finding Your Property: Setting Yourself Up For Success
Step Five
Finding Your Property: Setting Yourself Up For Success
Step Five

The final step in a co-ownership real estate purchase is to find the perfect property for your group! This step is last because all of the preparation you and your group have done will make this step much easier. So once you are comfortable with your Group Agreement and have worked through your Legal Agreement and budget, you are finally ready to consider properties.

Step Five
Making Your Legal Agreement: Finding a Lawyer and Frequently Asked Questions
Step Four
Making Your Legal Agreement: Finding a Lawyer and Frequently Asked Questions
Step Four

Once you have done the work of determining your legal rights and responsibilities, financial obligations, and future scenarios as a group, we recommend finding a lawyer who has some experience drafting co-ownership agreements. It is essential that your agreement is created with all members of your purchasing group and the contents of any wills or spousal agreements are shared with your lawyer as they prepare your group’s Legal Agreement, so that they align.

Step Four
Making Your Legal Agreement: Future Scenarios
Step Four
Making Your Legal Agreement: Future Scenarios
Step Four

It is impossible to anticipate all future change, and you or members of your group might find yourself in a position of wanting to exit your co-purchasing arrangement. Members of your purchasing group must be in agreement about how and when your property will be divested (disposed of, sold etc.).

Step Four
Making Your Legal Agreement: Financial Obligations
Step Four
Making Your Legal Agreement: Financial Obligations
Step Four

We recommend that you include a schedule for mortgage payments and a clear delineation of other payments, like bills and taxes, in your Legal Agreement.

Step Four
Making Your Legal Agreement: Rights and Responsibilities
Step Four
Making Your Legal Agreement: Rights and Responsibilities
Step Four

Over the next three sections, we will be covering the three important features to include in your legal agreement. Starting now with Rights and Responsibilities!

Step Four
Making Your Legal Agreement: Types of Legal Arrangements
Step Four
Making Your Legal Agreement: Types of Legal Arrangements
Step Four

Generally, there are two types of legal relationships between co-owners: you can buy property as either tenants-in-common or as joint tenants.

Step Four
Making Your Legal Agreement: Introduction
Step Four
Making Your Legal Agreement: Introduction
Step Four

Your legal agreement is an essential part of the co-ownership real estate purchase. It may feel daunting or uncomfortable to discuss certain aspects of your living arrangement through the lens of a legal agreement, but your Legal Agreement is in place to protect you and your group, both individually and collectively.

Step Four
Creating Your Group Agreement: Group Agreement Case Studies
Step Three
Creating Your Group Agreement: Group Agreement Case Studies
Step Three

Finally let’s finish up with some case studies to summarise Step 3 before moving on to Step 4: Creating Your Legal Agreement.

Step Three
Creating Your Group Agreement: Conflict Resolution
Step Three
Creating Your Group Agreement: Conflict Resolution
Step Three

Conflict resolution is an important aspect of co-ownership and collective functioning. Find out the best ways to get through these situations.

Step Three
Creating Your Group Agreement: Communication Is Essential
Step Three
Creating Your Group Agreement: Communication Is Essential
Step Three

Communication is an essential part of a co-ownership agreement. Your group needs to open and honest as well as regular in your frequency when it comes to house meetings and general communication.

Step Three
Creating Your Group Agreement: Collective Decision Making
Step Three
Creating Your Group Agreement: Collective Decision Making
Step Three

There are many models and resources for collective decision making, and we recommend that you determine a decision-making structure with your group early on.

Step Three
Creating Your Group Agreement: Identifying Your Shared Goals
Step Three
Creating Your Group Agreement: Identifying Your Shared Goals
Step Three

It’s important to harmonise and identify your group’s shared goals. This will build the foundation for your group agreement.

Step Three
Creating Your Group Agreement: Getting Started
Step Three
Creating Your Group Agreement: Getting Started
Step Three

It’s time to look at how your group is going to function when living in a co-ownership arrangement.

Step Three
Building Your Financial Model: Summary & Next Steps
Step Two
Building Your Financial Model: Summary & Next Steps
Step Two

Summarize Step 2 and take a look at the final parts to make sure you’re ready for Step 3!

Step Two
Building Your Financial Model: Combine-Leverage-Split
Step Two
Building Your Financial Model: Combine-Leverage-Split
Step Two

Finally, the last piece of your financial puzzle is to assess your ongoing costs using the Combine-Leverage-Split method!

Step Two
Building Your Financial Model: Creating Your Budget
Step Two
Building Your Financial Model: Creating Your Budget
Step Two

It’s Budget Time! Check out the example of the McGill group and create your group budget together!

Step Two
Building Your Financial Model: Get Your Financial Profile Ready!
Step Two
Building Your Financial Model: Get Your Financial Profile Ready!
Step Two

It’s time to get your finances together and create your financial profile! Get together with your group and create a group outline to figure out your buying power!

Step Two
Building Your Financial Model: Who Will Lend To You?
Step Two
Building Your Financial Model: Who Will Lend To You?
Step Two

Now that you’ve completed your crash course on mortgages, it’s time to move on to who will lend to you and how will you convince them to lend to your group.

Step Two
Building Your Financial Model: What's In A Mortgage?
Step Two
Building Your Financial Model: What's In A Mortgage?
Step Two

Mortgages can be complicated. Co-ownership can make the process even more complicated. While it is helpful to have a working knowledge of the basics on mortgages, we’ve compiled a quick crash course aimed at co-ownership.

Step Two
Building Your Financial Model: Introduction
Step Two
Building Your Financial Model: Introduction
Step Two

Now that you’ve got your group together and you’ve decided that you would be a good fit, it’s time to get real about everyone’s financials.

Step Two
Finding Your Purchase Group: Summary And Next Steps
Step One
Finding Your Purchase Group: Summary And Next Steps
Step One

That’s all of step one and finding your purchasing group for co-ownership. This step can take a lot of time depending on a number of factors but, as it is the first step, it’s one of the most important. You need to work hard and dig deep to solidify your purchasing group and ensure the success of your co-ownership purchase.

Step One
Finding Your Purchase Group: Sketching Your Ideal Home Together
Step One
Finding Your Purchase Group: Sketching Your Ideal Home Together
Step One

Now that you have a clearer sense of your own needs, wants, and dreams in co-purchasing a home, and you’ve found a group of people that share your vision of co-ownership, you can assess and discuss your compatibility with your co-purchasing group. The more detailed and clear your ideas are, the easier they will be to convey to others.

Step One
Finding Your Purchase Group: How To Find Your Group
Step One
Finding Your Purchase Group: How To Find Your Group
Step One

There are many ways to form a purchasing group for co-ownership purposes. While co-ownership is still relatively new, there are plenty of services that are available to you even if you are a single buyer looking for a group.

Step One
Finding Your Purchase Group: Getting Creative About Cooperative Living
Step One
Finding Your Purchase Group: Getting Creative About Cooperative Living
Step One

There is a broad spectrum of co-purchasing relationships. You and your potential co-purchasers get to decide where you fit on that spectrum, and develop your own shared goals for your home. You might be entering into this process with friends or family members, or with complete strangers.

Step One
Finding Your Purchase Group: What Do You Want?
Step One
Finding Your Purchase Group: What Do You Want?
Step One

There is a broad spectrum of co-purchasing relationships. You and your potential co-purchasers get to decide where you fit on that spectrum, and develop your own shared goals for your home. You might be entering into this process with friends or family members, or with complete strangers.

Step One
Finding Your Purchase Group: Introduction
Step One
Finding Your Purchase Group: Introduction
Step One

Co-purchasing is a significant commitment that can have high stakes. You and your group will jointly manage what may be your most important asset, and this project must be undertaken with care and planning to be successful. Every group is different and you will develop your own models and methods to facilitate the functioning of your home.

Step One
The Single Moms Merger
Intro to Co-ownership
The Single Moms Merger
Intro to Co-ownership

With good planning, your co-ownership purchase can be a profound and rewarding experience. The following are 3 entries are studies from groups who co-purchased their homes. While not all of these groups remain together, their stories demonstrate the importance of preparation and following the 5 Steps. Check out how Two Mothers fared in this case study example!

Intro to Co-ownership

Lesli Gaynor gaynor.lesli@gmail.com