3 Tips to a Successful Vacation Home Coinvestment

Buying a vacation home can be one of the most rewarding experiences in life. The thought of having your own place to go and unwind is a welcome notion for most people. While it can be difficult to purchase one on your own merit, buying one with someone else is quite a bit easier. The shared purchase means that the bank gets to see more income and multiple credit histories on the loan. This increases the likelihood of approval. In order to make this arrangement work, here are a few tips to keep in mind.

1. Set the Ground Rules

Before you purchase the house, set some ground rules as to how it will be used. You need to share the available time equally between the two of you. If one person is there every weekend, it can put a strain on the relationship.

2. Make Equal Investment

Making an equal investment means that both parties have just as much on the line. They can then feel good about sharing the property equally. If one party pays more, they will feel like they have more of a right to use the property. 

3. Hire a Property Manager

Finding a good property manager can take a big burden off of both parties involved. If one gets stuck with all the work, they will feel slighted. A property manager can take care of everything. 

 

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