Address facilitates co-ownership of residential real estate, providing a flexible financing alternative to traditional mortgages. The platform allows multiple parties to jointly purchase and own a home, sharing equity and costs.
Funding
Funding not disclosed
Founders
Product
Problem
High property prices and deposit requirements create a barrier to entry for many first-time homebuyers, making it difficult to acquire full ownership of a residence. Traditional mortgages require substantial upfront capital, limiting accessibility for individuals who may have sufficient income to cover monthly payments but lack the necessary savings.
Solution
Address offers a co-ownership model that allows individuals to purchase a portion of a property, reducing the initial capital outlay required for homeownership. Buyers purchase half of the property and rent the remaining share from Address at market rates, building equity through mortgage payments and potential property value appreciation. This approach enables residents to live in the entire property while gradually saving the capital needed to acquire full ownership within a five-year period. The platform provides a pathway to traditional homeownership by allowing residents to increase their ownership stake over time, reducing their rental obligations accordingly.
Target Audience
The primary target audience consists of first-time homebuyers and individuals seeking an alternative financing solution to traditional mortgages, particularly those who can afford monthly payments but lack a large upfront deposit.
Features
- Co-ownership model enabling purchase of half the property with the option to acquire full ownership later
- Rental agreement for the remaining share of the property at market rates
- Equity accrual through mortgage payments and property value appreciation
- Option to increase ownership stake gradually, reducing rental costs
- Pre-approval process to determine eligibility and budget
- Online calculator to estimate potential budget and monthly costs
- Partnership with select residential projects in the Greater Oslo area