If you're interested in purchasing property, but don't have the full purchase price, you may be wondering if you can buy a portion of a property. The answer is yes, in some cases you may be able to buy a portion of a property.
How it works: Partial ownership of a property is known as fractional ownership or shared ownership. With this type of arrangement, multiple people own shares in the property. Each share gives the owner the right to use the property for a set period of time each year.
Fractional ownership can be an attractive option because it allows you to own a vacation home that you might not otherwise be able to afford. It also comes with some drawbacks, such as less flexibility in using the property and potential disagreements with other owners.
If you're considering fractional ownership, here are a few things to keep in mind:
- You'll need to find other people who are interested in owning a share of the property
- You'll need to determine what percentage of ownership each person will have
- You'll need to draw up an agreement that outlines everyone's rights and responsibilities
- You should have a lawyer review the agreement before everyone