A new twist on an old classic
Co-ops are a unique concept of home ownership, with its roots in the history of New York City. This model of shared ownership has helped to provide affordable homes for thousands across the city. However, the limitations of the financial market have kept this idea from expanding to new locations.
Steadshare is dedicated to creating vibrant and inclusive residential communities through co-operative home purchasing and innovative fintech solutions. Our mission is to revolutionize the home buying experience by bringing co-ops across the country, using financial technology and design that meets the needs of the modern buyer.
What is a co-op?
A co-op, or cooperative home, is a community that is owned by multiple owners through a corporation owned by all of the residents. When someone purchases a home in the community, they are buying a share of the co-op rather than a deed to their own land.
While this is different model than many people are used to, co-ops are an accepted form of property ownership that have been successful in different parts of the country. Many are built as an alternative to condo ownership for apartments in major cities, or for unique types of communities like pocket neighborhoods in growing neighborhoods.
How does it work?
We build and finance
Steadshare builds a community of apartment, townhome, or single family style homes in a new location. Our development arm designs, builds, and then transfers the ownership of the co-op to the operations team, where we retain non-voting management shares in the community. The operations arm then holds a final mortgage on the property and all units.
You buy a share
Once we open for business, new residents can purchase a share in the co-op community, which allows for you to live there and participate in the community's decisions on management and development.
Our financing team offers homeowners a share loan to purchase the unit's share, which is a percentage of the total value of the unit. You own rights to your home, but we retain equity in the neighborhood alongside you to help keep things affordable.
You move in!
Once you close on your share purchase, you're ready to move in! Treat your home as your own -- paint the walls, change the windows -- you maintain the home while we take care of the rest.
Every month, you pay for your share loan, as well as community fees to keep up the maintenance, taxes, and more.
When it's time to leave...
When it's time to leave, you have the opportunity to sell your share on the open market, just like a regular home. You and Steadshare split the equity in the property, but any equity that you earn from your share is yours to keep!
Benefits of a Steadshare Home
Think of this as a middle-ground between a rental and home-ownership -- giving you the benefits of both while also saving you money each month.
Low Barrier to Entry
Our unique shared equity model allows us to offer low-to-no down payment options, saving you money when coming into the community.
Low Monthly Payments
You purchase a share of the property, which costs a fraction of the full value of the home. Less money loaned means a lower monthly payment -- potentially 25% less than market rent or an FHA mortgage on a similar home.
Community Benefits
Steadshare communities will be built to last -- not just as a place that is sustainable, but that offers true community. We hope to have local businesses like cafes, restaurants, and third places like coworking spaces to offer for our residents.
