Thinking of Sharing a Cottage?

Are you thinking about sharing a cottage with family and friends?

The sharing of properties has been going on for many years.

Families, friends and siblings have co-owned cottage properties without an agreement in many instances.

With the rapid escalation of property values, some feelings regretably change from the joy of a private and treasured escape to financial or monetary assets.

In many shared properties or private co-ownerships, a group of owners is basically operating on a handshake with the hope and expectations that everything will work out.

For family and friends this can work very well, until there is a problem. Situation can be hopefully be resolved but all to often it results in the sale of the property.

If you are considering an option such as this with family or friends you should have a co-ownership agreement created. Everyone should know and understand their rights and responsibilities and what will be required to look after the property.

Creating the Agreement

Not to be created as an inhibitor to purchasing or to create mistrust a co-ownership agreement is to simply plan out all aspects of owing a property together.

This is a significant investment for all families and should be treated as a business relationship.

Scenic Road Though Trees

A few things to consider would be:

Ownership of the property- are you going to equally share it or is someone going to be a majority owner?
How are the bills to be paid? What happens if someone doesn't pay?
What are the occupancy weeks?
Can you rent your weeks?
What about future expenses?
Who is responsible for maintenance and all of the above?

Many other issues can come up during the course of ownership of a property with other families.

Major changes such as job loss, death and divorce can have a very real impact on what happens to the property.

Even seemingly minor issues such as not doing the dishes when leaving or different housecleaning standards can affect your enjoyment of the property.

This is only a minor list, there are numerous issues that need to be addressed and discussed to ensure that co-owning a cottage with friends and family is the best option for your family.

Our Co-Ownership System

We have taken the best features of owning a waterfront property and removed the concerns over sharing this piece of Real Estate.

We also take out a few other concerns such as making sure the property is maintained in great condition...all of the time!

Our agreement covers all aspects and removes any concerns or issues that may arise.

Owning a cottage property is no longer limited to family and friends!

If you have always dreamed of owning your own cottage, or are considering the purchase with family or friends we would be pleased to discuss the program and the benefits.

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