July 24th 2024.
Cullen Farleigh and Olamide Soyemi, two close friends in their late twenties, were faced with a tough decision just before the pandemic hit. Should they continue renting in London and pay the exorbitant prices, or combine their resources to finally get on the property ladder? They took a leap of faith and went with the latter, and to their surprise, they were able to purchase a beautiful three-bedroom house in East London with their joint income and savings.
Speaking to The Agency, Cullen shared that buying a property was never really on their radar due to the insane housing market in London. But when they crunched the numbers, they realized it was a feasible option for them. It wasn't a perfectly planned decision, but it turned out to be a pleasant surprise for them. Cullen and Olamide had been friends since their university days, so they knew they would make great housemates and could trust each other as co-owners of the property.
Ola explained, "We couldn't have afforded a house on our own, so it made sense to invest in one together. We had a strong friendship and knew it would be a wise long-term investment." They were not deterred by the common concerns people had about buying a house with a friend, such as the possibility of falling out. For them, it was a no-brainer to share this journey with someone they trusted.
Their new home, a charming Victorian property, boasted two bathrooms, three bedrooms, a kitchen, and a smaller bathroom. Although it was initially listed for £450,000, they were able to secure it with a £45,000 deposit and use up most of their savings. This left them with very little money for renovations, which proved to be a challenge for them. "We were not in love with the house at first because we had paid more than we wanted to, and it needed a lot of work. We spent a lot of time fixing crumbling walls and doing DIY projects that we didn't anticipate or have the funds for," Cullen shared.
Their renovation journey was not an easy one, but they documented it on their TikTok account, @bricks.and.disorder, which now has over 1 million followers and 26.4 million likes. They even had to go without a living room for a while, but they finally designed one last year. Cullen and Olamide's journey has inspired many people to get into property and DIY, showing that with determination and a little help from friends, anything is possible.
It's not surprising that more and more friends are teaming up to buy houses together. In the past few years, home ownership among young people has risen, but it's still half as likely as it was 30 years ago. A study by Lloyds Bank revealed that in 2024, over half of young first-time buyers are open to non-traditional routes of homeownership, like purchasing a property with a friend or sibling. The most common reasons for this are affordability, trust, and the unfortunate reality that many young people see no other way to own a home.
Cullen and Olamide are not the only friends who have taken this route to homeownership. Steph Douglass and Kristina Modares, two close friends in their mid-thirties, also teamed up to buy a house in Austin, Texas. They realized that buying a house individually was not feasible, and it would take them much longer to save up for it. So, in 2020, they decided to take the plunge and make their dream a reality.
Their new home had a stunning lake view and plenty of indoor and outdoor space for hosting. They did a complete renovation, including installing a pool, which brought their total cost to $475,000. Inspired by their experience, Steph and Kristina set up Open House Austin to help others who want to co-own a property with a friend, family member, or colleague. They offer free resources and a mini-course to guide people through this process.
"Buying a house together as friends was the best decision for us. It allowed us to improve our lifestyle and make a great investment," they shared with The Agency. They also run a business together, which has given them the opportunity to utilize the property in various ways. They knew the area was growing, and they loved its proximity to the city. By combining their resources, time, and talents, they were able to make this a successful investment both financially and in terms of their lifestyle.
Buying a house together has brought Steph and Kristina closer as friends. They have learned the importance of communication, compromise, and compassion, and their friendship and business relationship have only grown stronger through this experience. "We are better people for having worked together on this project, and we have a beautiful home to share with our loved ones," they shared. Their story is a testament to the power of friendship and determination in achieving a common goal.
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