You want a cottage by the sea, a chalet by a ski run or a lodge in the woods. But vacation homes are quite expensive, and most of us don’t have the time to care for a second home in addition to our primary residence? So, here is an idea: Split the financial obligations with a family member or friend! This article covers most of the important steps to learning how to purchase a vacation home.
Partnering up sounds great on paper, but purchasing a vacation home with family and friends can be risky. After all, if things do not go well, it can spell the end of your friendship. Not to mention you may end up in a legal battle over the home. After all, you might already be commonly renting a vacation place with said friends or family. Or you could take turns using the house, so you don’t actually overlap.
Still, this approach can also turn into an express lane to disaster if you don’t navigate the relationship with care and really learn how to purchase a vacation home.