Developing the right mindset is crucial to succeed. Not just for large endeavours but also for your day-to-day life. For co-ownership real estate journeys, having the cooperative mindset can improve your chances of success.
Co-ownership is still a new concept for many in real estate. While it’s not unheard of, the intricacies and complexities of the process can be daunting for those unfamiliar with it. However, it can help to get in the right mindset and set yourself up for success.
A successful co-owned real estate purchase requires commitment on many levels. It might seem like a well-thought-out legal agreement should be enough, but what about aspects of the arrangement that are less tangible? A cooperative mindset can help re-frame the process and allow you to see real estate through a different lens.
As many of us have grown up in a culture that values private property, where owning something means we have exclusive rights to it, co-ownership may seem unappealing. The idea of sharing and being part of a collective household isn’t the first thing many people think of when owning a home, but for co-ownership arrangements, an attitude revolving around individualistic rights and exclusive ownership is often detrimental.
Co-ownership arrangements encourage a shift away from individualized, rights-based frameworks to a focus on collective wellbeing. We encourage you to foster this cooperative mindset as you work with your purchasing group to meet your shared goals. The co-ownership real estate process can be long and challenging. A commitment to supporting one another, open and empathetic communication, and compassion amongst your purchasing group is key to forming positive relationships in the process and will have lasting impacts on your home once all the paperwork is complete.
What Are The Three Pillars Of Success?
The cooperative mindset is about living with purpose. The three C’s are the three pillars of a cooperative mindset: cooperation, compassion and compromise. Embodying these values throughout the process can be incredibly beneficial to the successful outcome of a co-owned real estate transaction.
Cooperation
The most successful co-ownership stories happen when partners and groups enter into an agreement with the intent to cooperate. Members of a group should eagerly anticipate issues rather than being reactive and waiting for issues and problems to arise. These successful groups occur when people are willing to cooperate with their group members and ensure the health of the co-living arrangement by prioritizing solutions to optimize it and solve issues above their own needs.
Compassion
Even with the best intentions and planning, conflict can arise. This is a normal part of life. A co-ownership group that can successfully continue co-living together needs compassion. Finding ways through conflict happens with genuine compassion and empathy towards your group members. In the eyes of the law, there is a legal agreement between you; the reality is that you have chosen these people to be with you in your purpose-driven life.
A co-ownership real estate purchase is more than a means to affordable equity. It is an intentional choice for you and your group members. You all hold a belief that sharing yourself and your space creates mutual assets that benefits your community as much as yourself. Co-ownership can allow many more to live in cities in a more healthy, sustainable and affordable way.
Compromise
As many of us were raised in an individualistic culture with a focus on exclusive ownership rights for real estate, it may be difficult to find models for decision-making and sharing. There will need to be rules and agreements made around the functioning of the group, and, in many cases, compromises will need to be made. This is important to the success of your co-ownership group.
Compromise has many benefits. In some cases, you may find that, by compromising, you prefer the agreed-upon rule. It can be surprising but often rewarding.
By embodying these values, you will be able to achieve a cooperative mindset. This is an incredibly helpful attitude to have when beginning your co-ownership journey.
What’s in The Ultimate Introduction to Purchasing Co-Owned Real Estate?
“The cooperative mindset has a specific culture. It is a state of mind about living in community with others. You will succeed if you arrive at the arrangement with the belief that your co-living partnership is greater than the sum of its parts.”
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