
Real Estate Agent Marketing on a Budget—Affordable Ideas From $0 to $50 per Month
You’ve probably heard the old cliche that you have to spend money to make money. But you’ve probably also heard the one about money doesn’t
Buying your first house has never been easy, but for today’s younger generations, it’s increasingly out of reach. High interest rates, soaring home prices, and the heavy burden of student loan debt have made it difficult for young folks to purchase a home on their own.
Even cutting out lattes or avocado toast doesn’t do much to bridge the gap. And forget about hanging out with friends and taking memorable trips together if you’re trying to buy a house. Saving up to buy a home can feel like you’re forgoing the fun of life itself, while not making much progress toward homeownership anyway.
But what if there were a way to combine the two? What if you could own property and spend quality time with your friends enjoying some food and drink in the comfort of your own home?
Well, if that sounds great to you, perhaps you should consider pooling your resources and buying a “friend compound” together.
According to a recent article in The San Francisco Standard, buying friend compounds has become increasingly appealing, and data shows that 14% of millennials have purchased property with friends, and a whopping 70% of Gen Z say they’re open to the idea.
Here are a few things that make co-buying appealing:
While this all might sound exciting and prompt you to start planning to buy your own friend compound with a bunch of friends over beers in front of a fire pit, it’s important to stay grounded and be practical if you really want to make it happen.
So let’s look at some pros, cons, and tips you should consider before putting your plan in motion…
Co-buying with friends can be a path to financial stability and a richer social life. Here’s why it works for many:
While the concept is appealing, it’s not without its challenges. Co-buying comes with its own set of risks and complications.
To turn the dream of communal living into reality, it’s crucial to approach the process with a mix of practicality and foresight.
The Takeaway:
“Friend compounds” are a creative way for anyone struggling to afford homeownership on their own to buy a home by pooling resources. But not only does it curb costs, it also provides the opportunity to handpick your neighbors, and create a lifestyle filled with supportive friends right next door.
But success requires thoughtful planning, open communication, and the right professional support. However, with the right mix of friends, foresight, and guidance, you can turn the dream of owning a home into a reality. Whether it’s shared morning coffees or a backyard barbecue, the memories you create could make the effort more than worth it.
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