Successful co-ownership of a vacation home starts well before any real estate is purchased. Each potential co-owner should clarify their goals to ensure all of the group members are on the same page about the new property. The key is to determine, as early as possible, what the parties expect and desire from the property ownership as well as the most effective and efficient manner of ownership.
Once the group agrees on the type of property to pursue, they can begin to determine roles. Who will be in charge of the financial management? Who will be responsible for the decor? Who will maintain the garden? These can be individual roles or the responsibility of a committee. Everyone can have input, but someone will be the lead in each role for the group. These roles can be examined and reevaluated on a regular basis to ensure the group is satisfied.
Basically, the group needs to reach a consensus that balances the need to make timely decisions, the need to protect each co-owner’s rights, and the need to avoid situations where any one co-owner could prevent decisions from being made.
With this thorough planning and consensus building, the group can move on to purchasing a wonderful vacation home with the full knowledge that if there are disagreements (and there will be) they are prepared to overcome them while keeping the group intact and happy.
