Many millennial renters trying to make ends meet will pick two- and three-bedroom apartments to rent with friends to lower the cost of housing, utility, and entertainment bills. Why not give them the same option with home ownership?
That's the idea behind a new startup called CoBuy. Started in Bellevue, Wash., the mother and son team behind the idea wants to help friends formalize their partnership and make smart investment decisions.
CoBuy’s main goal is to simplify the process for non-traditional buying groups, such as friends and relatives, looking to go in on a house together. CoBuy wants to get involved early in the process and help people fill in the blanks about home ownership because real estate remains an opaque industry.
Then CoBuy helps the buyers hash out important decisions like how much each person will pay, title details, respective responsibilities in the process, and what happens if one of the owners wants to sell. CoBuy formalizes these decisions and helps them find financing and connect with the right professionals in the industry.