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What is Homebase?
Let’s face it, Homebuying is out of reach for most millennials. With home prices skyrocketing, home ownership is a pipe dream for most of us and we end up wasting monthly payments on rent.
We’ve created a new way of achieving home ownership by finding the equilibrium between renting and owning. You buy a portion of your dream home; we’ll buy the remaining portion of it. You move in and get to decide when you want to buy out all or part of our stake at any time. In the meantime, you only pay rent for the portion of the property we own – we don’t charge any interest. If the price of the home appreciates, we’ll split the gains. We win, only when you win.
So don't wait - start owning today.
Who is Homebase for?
Homebase is best for people who are:
Thinking about buying a home, but don’t have the entire value of the home saved up.
Looking for flexibility. Homebase lets you choose how much portion and when you want to buy out any portion of our stake at any time. No more early repayment penalty.
Looking to move in to their dream home from day one.
How does Homebase compare to a mortgage?
Homebase puts more money in your pocket and offers several advantages over a traditional mortgage:
Cost: Banks charge you interest rates of 8-12% and have high down-payment requirements.
Flexibility: Decide when you want to buy out all or part of our stake at any time. Banks tie you down to a rigid payment schedule.
Aligned Incentives: Homebase is a co-investor in your home, meaning we also want the price to appreciate, so we’ll back your decision with all the data that we have. Banks don’t care.
Where does Homebase operate?
Homebase is headquartered in Singapore and currently operates in Ho Chi Minh City, Vietnam.
How does Homebase make money?
We only win when you win - Homebase takes a fair portion of the appreciation of your home’s value. Homebase also makes money via splitting buy-side commissions with our partner agents, our portion of rental payments, and a flat administration fee.
What happens if my home depreciates in value?
We win, only when you win. If your home depreciates or stays the same in value after the buyback period, you don’t have to pay us back any portion of the capital appreciation.
What happens if my home appreciates in value?
Congratulations! We’ve both won! You get your share of the capital appreciation; we get our fair share of the capital appreciation.
How does Homebase’s process work?
Working with Homebase looks like this:
Sign-Up and Qualification - You’ll fill out an online application that will help us get started with a picture of your finances. From there, we’ll work out the maximum value of the home that we can co-buy with you.
Choosing Your Home - After qualifying, you’ll be introduced to our partner agent, who’ll help you find and tour properties for sale in your preferred neighborhoods. If you’ve already identified a property you like, feel free to let us know.
Financing Your Home - We’ll discuss and reach an agreement on the details of the financing including things like what portion you want to own, what the rental payment looks like, what is your preference for buyout etc.
Purchasing Your Home - Once you’ve pinpointed the home you like, we’ll go through the buying process together. When our offer is accepted, we’ll both enter into an agreement
Move-In - Congratulations! You’re now a homeowner and can move in today.
How do I know if I will qualify for Homebase?
We use your annual household income, assets and credit/debt obligations to determine the upper limit on your monthly housing expense. This limit, in turn dictates the maximum value of the home that we can qualify you for.
What price range should my home be in?
Once you sign up, you’ll go through a qualification process with Homebase to determine the most suitable price range based on your finances. Typically, Homebase works with home prices between $50,000 and $200,000.
What happens if I want to leave my Homebase home after a year?
No problem! We understand circumstances change. If you need to leave your home, we will either go through a sale of the property together or offer to buy out your portion of the property.
Can I buy out all or part of Homebase’s ownership?
Yes, though you’re not under any obligation to do so. If you want to buy our portion of the home, you just have to pay us our fair share of the price of the property.
How is the fair market value of the property determined?
If the property is going to be sold, the fair market value is simply the price at which the property is sold. Otherwise, Homebase uses its proprietary algorithms to determine the price.
What is the price at which I can buy out Homebase’s portion?
At the start of the co-buying programme, we will jointly determined a capital appreciation split that is mutually agreeable. Depending on how we’ve agreed to split the capital appreciation, the price at which you can buy out our portion at any time is based on the initial value of our investment plus our pre-agreed portion of the capital appreciation.
Can I make improvements to my home?
Absolutely. You can make any improvements or modifications to your home as you see fit. We believe that the quality of the home and any improvement to the home contributes positively to the home value.
Can I sublet or sublease my home?
Yes, you can sublease the home as long as you let us know.
What are my upfront costs?
You will be asked to pay a one-time flat administrative fee to Homebase, when we make an offer to buy the home of your choice. That's it! No other costs, no hidden fees, ever!
Who is responsible for home maintenance costs?
As the resident and homeownership partner of the property, you are responsible for its maintenance. The same goes for any re-design or improvements that you want to make to the property.