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WHAT WE DO
Co-Own Homes matches homebuyers, identifies properties, provides advice on financing options and works with buyer's attorneys to create a comprehensive legal agreement that protects each buyer's interest in the property. We also help family & friends with the co-buying process. We offer property management services, making co-ownership easier. 

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HOW IT WORKS
Potential homeowners can co-purchase 2 to 4 unit townhouses with each homeowner living in their own unit while splitting the cost of purchasing and maintaining the property with other buyers. This type of ownership is common in cities such as San Francisco and Toronto. If it can work there, it can work here! 

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WHO WE ARE
The founder, Deondra Carter, is a Harlem resident and experienced real estate agent who recognized the need for more affordable homeownership options in NYC. Co-Own Homes is currently in an accelerator program at The Harlem Business Alliance (HBA) and plans to officially launch soon. Follow us on social media for updates. 

 
 

FREQUENTLY ASKED QUESTIONS

 

Q: Is this type of ownership common?

A: Many people co-own with family and/or friends. Homeowners in San Francisco have been buying and selling co-owned properties called Tenants-In-Common (TIC's) for over 20 years. Homeowners in cities experiencing high home prices are using this model of ownership as well. 

Q: How do you finance a home that will be co-owned? 

A: Co-owners can obtain a conventional or FHA mortgage for the property, allowing them to save on closing costs and mortgage tax. Alternatively, co-owners can use private funding to create fractional mortgages in the property. Co-Own Homes works with lenders who understand co-owning and can help co-buyers. To learn more about financing visit our Resources page. 

Q: What happens if someone defaults on the mortgage? 

A:  Default is rare in most co-own situations because owners are generally well-qualified. Co-Own Homes helps reduce the risk of default through homeownership counseling and screening. Once homebuyers are matched, they create a co-ownership agreement that determines how they will handle default. Common best practices include creating a reserve fund for the property, obtaining Mortgage Protection Insurance (MPI), agreeing to rent the unit in default, agreeing to sell the interest of the subject unit to other co-owners of the property, selling to another suitable co-buyer, or agreeing to selling the entire property. 

Q: How do you sell a co-owned unit? 

A: Co-owners can sell their interest to other co-owners in the building, to family members, friends or to buyers registered with Co-Own Homes. Co-owners can also choose to convert their building into a condominium or cooperative if the building meets New York owner-occupied conversion laws which requires a minimum 2 years of ownership as primary residence. Once the building is converted, owners can decide to occupy, rent or sell their units. Click here for more info on owner-occupied conversions.  

Q: How are co-buyers matched? 

A:  Co-buyers are matched based on a number of criteria, including desired income, credit score, property requirements, down-payment amount, desired neighborhoods, common interests, etc. Each buyer has an in-person interview with Co-Own Homes before being matched. Co-owners get to know each other before they start to look for a suitable property together. 

Q: How do co-buyers find a suitable property? 

A: Co-Own Homes represents buyers as their real estate agent to help them find the perfect home that suits their needs. 

Q: Is this a timeshare? 

A: No, timeshares are time-allotted properties intended for vacation purposes. Co-Own Homes are space-allotted properties and are intended as primary residences. Each homeowner is on the deed for the entire property but lives in his or her own unit within the building.