Seven years ago, Phil Levin and his girlfriend, Kristen Berman, pondered a common question: Should we move in together?

Levin assumed they91裸聊视频檇 take a predictable path and find a more affordable apartment outside of pricey San Francisco. But Berman, a behavioral scientist, shared her reservations about leaving their friend network 91裸聊视频� and some facts to back it up.

91裸聊视频淎ll the behavioral science research shows that that91裸聊视频檚 one of the worst things you can do for your happiness,91裸聊视频� Levin says.

Instead, the couple rented a Victorian-era mansion in San Francisco91裸聊视频檚 Hayes Valley neighborhood and invited nine friends to move in. Today, they co-own a multi-unit property in Oakland, California, called Radish, which houses 17 adults and two infants.

It took some effort to find the right property and figure out finances. But the now-married couple couldn91裸聊视频檛 imagine designing their life 91裸聊视频� or raising their daughter 91裸聊视频� any other way.

91裸聊视频淏eing able to have this extended family of 91裸聊视频榓unties91裸聊视频� and 91裸聊视频榰ncles91裸聊视频� close by has been wonderful,91裸聊视频� Levin says.

Many co-buyers operate on a smaller scale. But no matter the size of your group, co-buying requires extra planning and paperwork. If you91裸聊视频檙e willing to get vulnerable about your finances and long-term goals, the payoff of companionship can be worth it.

KEEP AN OPEN MIND

In the National Association of Realtors91裸聊视频� 2022 Profile of Home Buyers and Sellers, a record-high 5% of were 91裸聊视频渙ther household compositions91裸聊视频� 91裸聊视频� that is, something different than single, married or coupled.

91裸聊视频淚t can be a great situation, and a way to enter the market that they wouldn91裸聊视频檛 be able to enter otherwise,91裸聊视频� says Don Koonce, a real estate agent in Seattle who has helped dozens of co-buyers during his eight years in real estate.

Many co-buyers Koonce has worked with are platonic friends who have been living together for years. But they91裸聊视频檙e as diverse as the types of homes they buy, which range from traditional single-family homes to condos and duplexes.

The right home depends on your group91裸聊视频檚 size and tolerance of personal versus shared space. Houses with basements work well for separate living spaces, Koonce says, or you could remodel.

Recently, Koonce helped a mother and daughter buy a split-level that they renovated into two distinct units, including separate kitchens.

91裸聊视频淚t was beautiful,91裸聊视频� he says. 91裸聊视频淚 don91裸聊视频檛 see any problem with a resale on that, because somebody could rent it out.91裸聊视频�

STRESS-TEST YOUR RELATIONSHIP

Even for family members or experienced roommates, the financial commitment of co-buying raises the stakes.

Ashley Agnew is a n investment advisor and financial therapist with Centerpoint Advisors, a wealth management firm in Needham, Massachusetts. When working with co-buyers, she role-plays worst-case scenarios to 91裸聊视频渟tress test91裸聊视频� the relationship, such as how they91裸聊视频檇 handle major home repairs or theft.

91裸聊视频淵ou really do have to get a little bit financially naked with the person that you91裸聊视频檙e buying with,91裸聊视频� she says. 91裸聊视频淭here has to be a lot of transparency.91裸聊视频�

Agnew always recommends that co-buyers seek legal counsel. An estate attorney can draft a cohabitation agreement 91裸聊视频� something that91裸聊视频檚 not just for romantic partners, she notes. That way, all parties know what to expect if someone wants out of the homeownership commitment.

91裸聊视频淚t91裸聊视频檚 almost like running a minibusiness, especially if it91裸聊视频檚 not a coupleship,91裸聊视频� Agnew says.

An estate attorney can also help co-buyers understand options for titling the home, such as joint tenancy or tenancy in common. Each arrangement has pros, cons and legal obligations.

FIND THE RIGHT RESOURCES

To move your plans from dream to reality, it91裸聊视频檚 essential to find a lender that is familiar with 91裸聊视频� and supportive of 91裸聊视频� co-buyers91裸聊视频� unique needs. That91裸聊视频檚 often the first hurdle, Koonce noted. Some realtors hesitate to work with co-buyers, too.

91裸聊视频淚t91裸聊视频檚 a lot more paperwork,91裸聊视频� he says, 91裸聊视频渁nd a lot more coordinating and getting people to agree.91裸聊视频�

To provide better service, Koonce earned a professional certification established by Seattle-based real estate startup CoBuy. The company offers education for real estate agents, attorneys and lenders, as well as services for co-buyers themselves.

After establishing Radish, Levin found his inbox flooded with questions about co-buying and co-living. The interest exposed an information gap: People craved trusted guidance on how to do this successfully.

So in 2020, Levin teamed up with close friend Gillian Morris to co-found the Substack newsletter . It provides advice, templates and tools to navigate common challenges of co-buying and co-living.

91裸聊视频淲e didn91裸聊视频檛 invent this concept,91裸聊视频� Levin says. 91裸聊视频淲e91裸聊视频檙e sort of standing on the shoulders of other people, so there91裸聊视频檚 sort of a pay-it-forward element where we wanted to have other people experience the happiness and meaning that we91裸聊视频檝e gotten through this.91裸聊视频�

91裸聊视频擜bby Badach Doyle Of Nerdwallet, The Associated Press