Tuesday, September 15, 2015

The more the merrier

For pretty obvious reasons it has always been popular to invest in a holiday home together with other members of the family or close friends. 

In that way costs are split between more people and the holiday home will not stay empty for longer periods. 

Also many families buying together enjoy actually visiting the apartment at the same. 
The space might be a bit tight but what is better than enjoying the sun and beach in the company of your best friends and family?

There are a few practical issues though to consider before teaming up with your best friends or parents and investing together.

- Always make sure that the official share of the apartment corresponds to the actual ownership. So in case you paid for 2/3 of the apartment and your friends family paid for 1/3, this must also be reflected on the title deed.

- The responsibility of paying owners union fees and property tax is not shared. This means that you will be held responsible for the entire amount, not only your part.

- Consider making a written co-ownership agreement stating what has been agreed related to usage of the apartment, split of costs and how to handle a situation where one party wants to sell his share of the apartment or can not contribute to paying the costs anymore.

Overall we see very few problems in co-ownership of holiday homes and it can definitely be recommended for everyone who feels that sole ownership might be a bit too much.

Should you have any questions related to this topic, then do not hesitate to contact us.