CO-OWN WITH FAMILY & FRIENDS
It’s a familiar scene: relaxing with drinks at dusk, surrounded by family and close friends, when someone suggests, “We should just buy our own beach house instead of renting each time.” In the past, the conversation might have ended there. Today, that dream can be realized through innovations in co-ownership.
Making Memories with Family & Friends
There’s nothing quite like creating memories in a home that’s yours, shared with the people who matter most. Co-buying with family and friends isn’t just about a property—it’s about laughter-filled game nights, impromptu backyard barbecues, and traditions in the making. But to safeguard your haven for future memories, a well-crafted co-ownership strategy and structured agreement are essential.
Best Practices for Co-owning with Family & Friends
Tip 1: Dream Together
“Hey, let’s buy a beach house together!” When the suggestion pops up, lean in. Where’s this dream house? What does it feel like? And, oh, what budget are you considering?
Tip 2: WRITE DECISIONS DOWN
Agreements make good friends. Loved the no-dogs rule? Jot it down. Love hot tubs and prefer no smoking indoors? Note it. It’s about finding common ground—and we all agree on more than we think!
Tip 3: Use the “Hard No” to “Must Have” Scale
From “No way!” to “Yes, please!”—rate your must-haves and deal-breakers from 1-5 (1 for “hard no”, 5 being “must have). Focus on the extremes… and the rest? They’ll sort themselves out.
Tip 4: Discreet Money Matters
Talking finances can be tricky with relatives and pals. We get it. That’s why we’re here (Plum uses a 3rd party)—to handle the awkward bits, discreetly.
Tip 5: Plan Exits Gracefully
Even with family, change is part of life. Set clear terms for if and when someone steps away—think 7-year terms (avg. for life changes), buyout details, and share-selling steps.
Tip 6: Establish Clear Communication Channels
Decide on a primary method of communication, whether it’s group emails, chats, or regular meetings. Plum’s GroupSpace is an easy resource to store a group’s documentation. Clear and consistent communication prevents misunderstandings.
Co-owner Stories
Plum clients share their experiences with co-ownership with friends, and how Plum helped make it possible.
Friends Form Group to Buy Mountain Home
The Mathiases partnered with 3 other families to co-own the mountain home of their dreams.
Get Help with Co-Ownership
Have questions? Our proficient Plum concierges are ready to assist on your co-ownership journey.