Yes, it is possible for a group of friends to purchase a property together. Pooling finances with friends can make owning a home more affordable and can also enable friends to buy a larger and nicer home that may be out of reach for each individual.
However, buying a house with friends involves more complex logistics than buying as an individual or couple. There are several options for financing a home with multiple buyers, including traditional lenders or forming a limited company to purchase the property.
Managing ongoing expenses and splitting time amongst members of the group can be challenging aspects of owning a home with friends. It is important to have a clear agreement in place to avoid disputes in the future. This may involve working with a real estate lawyer to draft an operating agreement with provisions around buyouts, paying for repairs and utilities, and entitlement to usage time.
Fractal can also help manage the complexities of co-ownership, from taxes to insurance to managing rentals. Overall, buying a house with friends can be a viable option, but it requires careful planning and communication to ensure a successful and positive experience for all involved.
For more about buying a fraction in a Fractal home, check out answers to some frequently asked questions here.