What Do We Mean by “Co-Homeownership?”

Front entrance of a blue house with two red doors, surrounded by potted plants and shrubs.

By co-homeownership, we simply mean owning property with any person you’re not married to for any reason, be it a primary home, land, investment — anything. It is a vast, catch-all phrase, encompassing and overlapping with:

  • Co-living

  • Co-housing

  • Co-buying

  • Co-owning

  • Co-op (co-operative) ownership living

People sitting at tables inside a partially built wooden structure with visible beams and an open side.
Four people smiling and standing close together outdoors on a construction site with wooden framing and new structures in the background.

Co-homeownership could be relatively common and simple:

  • An unmarried couple buying the condo they’re renting

  • Siblings co-owning property they inherited

  • A married couple and a friend sharing a vacation property that doubles as investment income

  • Life partners living on adjacent — but financially separate — dwellings.

Or it can be more novel or complex:

Three interior views of a partially constructed or renovated room with large windows, view of the front yard outside, construction materials, and rebuilding tools. A detailed architectural drawing shows cross-sections and floor plans of a house, including the kitchen, living space, and adjacent exterior areas.

  • A married couple looking for affordable housing and community in a walkable area.

  • An unmarried person wanting to stop renting and experience homeownership but not needing a lot of space and preferring to share costs and resources with others through fractional ownership.

Because any co-homeownership structure is made up of the wants, needs, talents, limitations and resources of unique individuals and locations, the permutations are endless. We hope this page is helpful to you in exploring what will be right for you. And please reach out to us with any questions or to get connected.

FAQs

A graphic showing different ways to buy a duplex: owner or renter, joint tenancy, tenancy in common, and condo.
Infographic titled "6 Ways to Live Near Friends in Seattle" showing six different housing options, including single-family homes with ADU and DADU, duplex, triplex or quadruplex, and new townhome construction, each with a small illustration.
Flowchart explaining property ownership options based on number of owners, type of property, and land donation status, with specific questions and answers in red and white ovals and rectangles.

  • It depends on which risk you’re looking at. One attorney described co-homeownership well: “It’s wider risk, but it’s shallower risk.” It’s best not to automatically equate “unfamiliar” risk with “greater” risk.

    Connecting asset ownership with individual personalities always creates an element of complication, as any marriage counselor will attest. Married couples frequently enter into co-homeownership with little discussion about “what if”s, even with a significant national divorce rate. Non-married co-owners with different life trajectories are more likely to be aware of complications and more likely to discuss them beforehand.

    Owning a property by oneself has less personality complications (hopefully!) but then there is only one person with to handle home maintenance and one income to weather financial challenges. Setting aside social/communal pros & cons: If one owner is traveling, there is another party owner to look after plants, pets & in case of a, say, burst pipe. If one owner who gets laid off and can’t pay the mortgage for a bit, there is another party with a financial stake in the home and a strong interest in not losing it to foreclosure.

    Granted, you may be the one saving the day today, but your co-owner may be the one helping out tomorrow.

  • First off: “Come to our talk and then definitely talk to a lawyer and/or financial advisor!” But here are a few very, VERY basic thoughts:

    If you are a small, closely-knit group, getting a mortgage; buying mostly as a primary residence; and likely to (mostly) sell together, owning as Tenants-In-Common or Joint Tenants with Rights of Survivorship may be the simplest route, with the most favorable mortgage financing terms.

    If you are a larger group; buying more as an investment than a residence; possibly owning other assets together; and a decent likelihood of exits/buyouts between owners before the ultimate sale of the property, forming an LLC may be worth the paperwork burden, especially if personal asset protection is a priority. Check with your lender about impact on finance and title insurance.

    Trusts: In intergenerational co-ownership, holding the property in a trust often makes sense when estate planning and seeking to avoid probate and estate taxes upon the death of one owner.

    There are many other considerations, which an expert can counsel you further on. Please see our Resource Page if you need a recommendation.

  • It’s a lot, we know. If you’re just first exploring, we suggest coming to one of our talks and get our starter worksheet to start discussions.

    If you have an idea of what your plan may be, book a financing consult with Ruby or strategy session with Amy to hone in more specifics.