By Lydia Hallay, May 10, 2023
Home ownership is often assumed to come with the trappings of “traditional” household formation (heterosexual coupledom, kids, and a white picket fence). The truth is, not all of us are building that kind of life. According to the Brookings Institute, “the so-called ‘nuclear’ family is no longer the dominant household structure.”
As household demographics continue to shift, so too can our ideas about how to achieve home ownership. If you’re just starting your real estate journey- the idea of coming up with a down payment, qualifying for a mortgage, and keeping cash on hand for repairs or renovations might feel like distant dream.
The good news is- you don’t have to go it alone! Buying with friends (or lovers, family members, co-investors, etc.) enables you to pool resources and gain a toehold in the real estate market – often sooner than you thought you could.
Here are some things to consider as you explore co-ownership:
- Discuss your goals and financial situation with your potential co-buyers. Before committing to a shared investment, have a candid conversation about your long-term goals, financial stability, and expectations. This will help you determine if you’re on the same page and avoid conflicts down the road.
- Consider your financing options. There are lots of ways to finance a joint purchase. Work with a lender who understands the financial nuances involved and respects alternative household configurations.
- Create a legal agreement. While a chore wheel might work for ironing out the details of who’s on dish duty- you’ll want something more official for your co-purchase. Before buying with buds, it’s essential you have a legally binding agreement in place that outlines everyone’s responsibilities and rights. For example, how will the mortgage payments be split? Who will be responsible for repairs and maintenance? What happens if someone wants to sell their share of the property?
- Work with a real estate agent who understands and is supportive of alternative household configurations. I support my clients in creating whatever kind of household works best for them.
- Be flexible and patient. Co-buying a property can be a complicated process, and it may take longer than expected to find the right property and reach an agreement. Spend time spelling out the details and finding a property that meets everyones needs – it will be worth it!
Ultimately, good communication, compassion, and flexibility are the most critical factors in achieving a harmonious and successful co-purchase. With a like-minded realtor/lender team behind you- nothing can stop you!
Thinking of buying with friends, family members, or members of your polycule? Need help connecting to friendly lenders? Give me a holler!
Lydia Hallay
Broker | OR
She/They
Buying or selling a home is often one of the biggest (and most stressful) decisions you'll ever make. I'm here to make your experience as seamless (and fun) as possible.
Looking to buy? Whether you're a design-minded dreamer looking for that mid-century unicorn, an investor on the hunt for a fixer (or a 5-plex) to tear into, or a first-time buyer in need of a gentle guide - I'm a skilled negotiator with an eye for design and a knack for finding homes with "good bones." I'm on a mission to ensure you feel empowered and cared for throughout the home-buying process.
Ready to sell? If you want to maximize your sales price, you've come to the right place! With a background in landscape/interior design and construction/project management, I've got the tools it takes to make your house shine. When it comes to catching buyer attention, I go beyond the traditional (ex. open houses, RMLS, etc.)- incorporating cutting-edge tools and outside-the-box strategy to build the hype. When it's time to negotiate, my years of experience bargaining contracts mean I'm calm under pressure and know what it takes to get to YES.
Like many folks working in real estate, I've got a grab-bag of past lives that inform how I show up. Most of my 20's and 30's (17 years), I worked as a union organizer/negotiator on the state and national level- helping workers across sectors and industries join together and become leaders in the fight for better wages & benefits, a voice on the job, and political power. I've been an entrepreneur, a landscape designer, freelance florist, and have a deep well of personal experience with home renovation & property management under my belt.
Aside from working with buyers & sellers, I volunteer my time as the Integrity Chair on Living Room Realty's Broker Advisory Group. In that role, I serve as Living Room's broker representative for our B-Corp status.
A portion of every one of my paychecks goes to Taking Ownership PDX, a community collective of contractors, realtors, neighbors, and businesses who support Black homeowners to age in place, generate wealth, and deflect the gentrification process by deterring predatory investors and realtors.
About Me: I was born in Memphis, raised in the Sonoran desert (Phoenix), and have been in the PNW since 2003. I identify as queer, and use she/they pronouns. I'm married with sweeties (i.e., I practice ethical non-monogamy) and nest with my spouse, dog, and two cats in the Lents neighborhood of outer SE Portland. I'm a people person, music nerd, avid gardener, and seed-sower/organizer. Since coming to Portland in 2004, I've witnessed many iterations of the city. I'm bullish on the future here- and excited about all our region has to offer. Good food, proximity to nature, an incredible local music scene, and an inclusive community are just a handful of the reasons I love this area. As your realtor, I promise to show up as myself. I'll hustle hard on your behalf with patience, a good listening ear, professionalism, and a goofy sense of humor. What you see is what you get, friends. And if we decide to work together, that's the kind of authenticity I hope you feel comfortable showing too. Ready to make magic happen? Feel free to shoot me a text/email, or give me an old fashioned ring. I'm excited to meet you!
Land Acknowledgement & Mission Statement As a Realtor, the land I do business on is unceded Indigenous land. The Portland Metro area rests on the ancestral lands of the Cowlitz, Multnomah, Kathlamet, Clackamas, Tumwater, Tualatin Kalapuya, Wasco, Molalla, Watlala, Bands of the Chinook, and so many other nations who made this area their home. In addition to the federally recognized tribes mentioned, there are numerous “unrecognized” tribes and Indigenous groups whose stories are also important. I recognize these tribes' legacy, lives, and descendants, and acknowledge my role and responsibility as a guest on stolen lands. I am committed to using my voice and influence as a real estate professional (and, as a human being) to actively contribute to a more just and equitable future- one that promotes dignity, respect, and repair for the damaged caused by systemic oppression, white supremacy, homophobia/transphobia, and exploitative capitalism. If you can't get behind all that. We're probably not a good fit. :)
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About Me: I was born in Memphis, raised in the Sonoran desert (Phoenix), and have been in the PNW since 2003. I identify as queer, and use she/they pronouns. I'm married with sweeties (i.e., I practice ethical non-monogamy) and nest with my spouse, dog, and two cats in the Lents neighborhood of outer SE Portland. I'm a people person, music nerd, avid gardener, and seed-sower/organizer. Since coming to Portland in 2004, I've witnessed many iterations of the city. I'm bullish on the future here- and excited about all our region has to offer. Good food, proximity to nature, an incredible local music scene, and an inclusive community are just a handful of the reasons I love this area. As your realtor, I promise to show up as myself. I'll hustle hard on your behalf with patience, a good listening ear, professionalism, and a goofy sense of humor. What you see is what you get, friends. And if we decide to work together, that's the kind of authenticity I hope you feel comfortable showing too. Ready to make magic happen? Feel free to shoot me a text/email, or give me an old fashioned ring. I'm excited to meet you!
Land Acknowledgement & Mission Statement As a Realtor, the land I do business on is unceded Indigenous land. The Portland Metro area rests on the ancestral lands of the Cowlitz, Multnomah, Kathlamet, Clackamas, Tumwater, Tualatin Kalapuya, Wasco, Molalla, Watlala, Bands of the Chinook, and so many other nations who made this area their home. In addition to the federally recognized tribes mentioned, there are numerous “unrecognized” tribes and Indigenous groups whose stories are also important. I recognize these tribes' legacy, lives, and descendants, and acknowledge my role and responsibility as a guest on stolen lands. I am committed to using my voice and influence as a real estate professional (and, as a human being) to actively contribute to a more just and equitable future- one that promotes dignity, respect, and repair for the damaged caused by systemic oppression, white supremacy, homophobia/transphobia, and exploitative capitalism. If you can't get behind all that. We're probably not a good fit. :)
- T: 503-807-0156
- lydiah@livingroomre.com
