Many of whom face a unique challenge: finding a safe, comfortable and convenient place they can reliably count on when stationed away from home. To date, crashpads have been the go-to solution. However, that could change with the resurgence of shared homeownership structures. With the rise in housing costs, more and more people are turning to shared homeownership as a way to benefit from both home value appreciation and the tax benefits reserved for American homeowners.
Could this alternative model of homeownership impact the way airline employees think about housing?
Crashpads have long been a housing staple of the airline industry, providing a relatively cost-effective and convenient option for commuting flight attendants and pilots to 'crash' while away from home.
Ranging from nightly stays (cold beds) to multi-month or even full time residency, airline employees are faced with a material housing decision - do I rent a bed/room/apartment for a night/a month/a year? Typically located near major airports, these shared living spaces usually offer modest accommodations, basic amenities, and the chance to share expenses with a few fellow crew members. However, while crashpads serve a practical purpose, they often come with limitations such as lack of privacy, inconsistent quality, and an inability to choose who you cohabitate with. For senior airline employees, the characteristics that embody the transient nature of these crashpads are simply no longer acceptable.
As housing markets evolve and the concept of shared living gains popularity, (co)ownership presents an innovative alternative to the traditional crashpad. By pooling resources, flight attendants and pilots can (co)own properties, transforming temporary crashpads into permanent high-quality homes that afford the owners all the social and economic advantages that homeownership has to offer.
The financial and social advantages to home (co)ownership can show in a variety of ways, ranging from long term investment potential to short term cash flow all the way to your control over the environment you want to cultivate and the company you want to keep. Some of them include:
Shared homeownership isn't all upside however. It requires time. consideration to first understand what your shared home would need to look like in order to work for you. After that, you need to find others who are aligned with you on a number of fronts:
You can see how quickly the shared homeownership dynamic can get complicated given the number of critical variables you will want to be aligned with your (co)owners on. That said, the benefits for many home (co)owners far outweigh the upfront work to ensure you and your (co)owners are setting yourselves up for success. Creaing a strong foundation and having a clearly structured framework via a (Co)Ownership or a Tenants in Common Agreement can mean the difference between a game-changing financial decision that drastically improves your quality of life and a massive (and costly) headache.
As the aviation industry continues to evolve, so too should the housing solutions for some of it's most critical stakeholders. Reimagining housing through the lens of (co)ownership offers airline employees a modern, financially savvy alternative to traditional crashpads. By pooling resources and investing in property together, airline employees can enjoy the benefits of homeownership, build equity, and create a stable, supportive, living environment for your home away for home.
Tomi helps groups of aspiring home (co)owners through the entire shared homeownership experience, from designing and aligning on a plan to closing on the home to managing the day to day (communications, scheduling, decision making, etc) and ultimately selling your share of the property.
Want to see whether home(co)ownership is right for you?
Shoot us an email at: contact@livetomi.com or schedule a call: https://calendly.com/cody-cjc/30min.
