A weekend retreat. A summer getaway. A blissful month on the lake in prime season. Your vacation dreams are unlimited, but unfortunately your budget is not. You may be surprised to learn that your dreams are more than attainable: You can own a vacation home without the hefty pricetag if you are willing to share ownership.
How many times have you wistfully driven through lakefront neighborhoods, dreaming of holidays on the water? A weekend at the lake, or a long summer vacation…But owning a vacation home is just not a possibility for you. Or is it? Joint ownership may help you make your vacation dreams a reality.
Summer is just around the corner, and many people are carefully reassessing their vacation plans. Rent again? Try a risky time share that will depreciate in value almost upon purchase? What happens if your plans change last minute? Cancellation fees, no opportunity to reschedule in peak season…If only you could afford a vacation home of your own! Through joint ownership, you can!
Solid reasons to consider joint ownership:
- Buying Power: You will be able to purchase the type of property you might not otherwise be able to afford: more space, more amenities, an ideal location…In other words, you can enjoy the vacation home of your dreams!
- Investment: You will OWN a piece of the property. Unlike leasing a spot on the calendar (time shares) or giving your money to someone else (rentals) you will own property that will appreciate in value and offer tax incentives.
- Enjoyment: Being the sole owner of a vacation home can be exhausting and expensive, especially if you only stay there a short time out of each year. Sharing the work and costs with others gives you the freedom to really ENJOY your new home.
- Oppportunity: Never has there been a better time to find your dream home. It’s a buyers’ market, with many homes and locations to choose from. And more lenders are offering mortgages geared toward joint ownership.
With joint ownership, a written Ownership Agreement is a must. To ensure that each owner’s interest is protected, it is advisable to work out as many details as possible before purchase. Such considerations would include:
- Cleaning/upkeep/maintenance/repair duties & expenses
- Home décor & storage
- Scheduling
- Restrictions (pets/smoking/etc)
- Exit strategies
- Renting/sharing with non-owners
- Default/Dispute Resolution
- Property manager (one of the owners or an independent property management company?)
Also keep in mind that finding compatible co-owners is essential. Look for partners who are dependable and financially sound, with similar habits and expectations. With the right preparation, you will be able to enjoy the home of your dreams, the benefits of a solid real estate investment, and a lifetime of incredible vacation memories.
Check out the many Lake Wylie waterfront properties that would be perfect for shared ownership: Lake Wylie waterfront real estate. Call David Coone to discuss how you can own your Lake Wylie waterfront property.
