Buying a vacation home is almost never easy, or very affordable. At Plum, we operate with the mission of making it both of those things. If you are interested, follow these steps to work your way through the process. And don’t worry, we will be there with you every step of the way!
Build a Plum
There are available Plums throughout North Carolina at beaches, mountains, and lakes. To build your own Plum and pick a unique location and house, navigate to our PlumMarketplace. Using our customizable co-ownership calculator, you can select your preferences such as price range and number of owners.
Form your group
After you have created your Plum, your next step is to get your group of co-owners together. On our end, we will publish a page for the Plum itself to attract potential co-owners, but you can also recruit whoever you want. Throughout this process, we will work to find like-minded, well-vetted co-owners to fill your Plum.
Plum Certification
Once you have your group together, we will begin the Plum Certified process. This ensures that every co-owner has a credit score of 740+ and at least $10,000 in liquid assets. We will also certify any realtor that is selected, to ensure that they are licensed and in good standing, have 10+ closings in the market, and are comfortable with virtual flexibility.
Make sure everyone is on the same page
There are several important steps to take in this phase. First, you must create a joint bank account to deal with the financial aspects of the Plum. After that, it is important to set ground rules for the Plum and ensure that everyone is on the same page. Setting an agreement earlier rather than later prevents any future disagreements.
Incorporate LLC and get Financial Approval
These two financial steps are crucial in the overall process of finalizing your vacation home purchase. A Limited Liability Company (LLC) is essentially a collective agreement that protects its owners against business debt and liability through a protective shield. You can find more information on LLC’s here. After you have your LLC in place, you can get financial approval.
Purchasing the Vacation Home
Once all rules and financial documents are established, the co-owners, realtor, and Plum will all work together to find the perfect vacation house for the group!
Fully supported Co-Ownership
Even after the purchase for the Plum has been finalized, you are far from alone. At Plum we believe in fully supported co-ownership. This means we will always be there to assist with vacation scheduling, concierge services, mediation, accounting, and a home binder. We will be there every step of the way to take care of the hard parts. See how to get started on your co-ownership journey today!
