What to consider when buying a second home with family or friends?

Who has not ever dreamed of having that second residence where you can escape for a few days, disconnect and return refreshed to the routine of everyday life? Second homes allow us to escape from our daily lives in a very comfortable way and, of course, as if we were at home. For this reason more and more people are considering acquiring a property to give it this use.

The truth is that although the demand for second homes is high, not everyone can afford a second home or simply are not willing to spend money on a property that they will use for a few days a year. This is why buying properties with family and friends is a growing trend that meets the needs of all homeowners and also helps them to reduce costs and share expenses.

Buying a property with friends or family can be the solution you are looking for, you just have to get people with the same interests as you and start the adventure of being homeowners together.

It is true that this process is somewhat more complicated than it may seem at first glance, so it is necessary that you take into account aspects such as that not all banks grant mortgages to different holders. So this point may be the first obstacle you have to face. But it is also true that banks are up to date with real estate market trends and are gradually accepting this type of practice.

Another aspect that you must consider is the drafting of agreements, in other words; stipulate in writing and in an official document which member of the group contributes what amount, if the property will be paid in equal parts, what will be the method of payment of the expenses… Making these points clear from the first moment will save you a lot of headaches in the future. In addition, in this document it is convenient that you collect that it will happen if one of the members wants to sell it’s part or how they will face the non-payments on the part of one of them, keep in mind that the bank will claim to the payments to any of the members, whether or not those who are not up to date of payment.

On the other hand, we cannot forget that a property needs maintenance, cleaning… Basic aspects that must also be clear when sharing a house. This distribution of tasks is the same that is carried out between those who share a family home and who also divide the time of enjoyment of the property.

Setting the dates on which each of the owners will be able to enjoy the house is one of the aspects that can cause the most problems. For that reason, it is essential to make it clear from the beginning. Creating a common calendar where each one will reserve the days in which you want to enjoy the house (always respecting the number of days that corresponds to you), is a good solution so that everyone knows who will be in the house at all times.

In case there are coincidences and several people wish to have the house on the same dates, it is best to draw lots. However, for special dates such as vacations, long weekends and other holidays it is best to take turns each year so that everyone can enjoy the property in times of high demand.

As you can see, there are many aspects to take into account to enjoy a property purchased with friends or shared with family members. Our method of fractional purchase saves you all those headaches, because in Suomma we take care of all of them: management of the SL and payment of taxes, supervision of the maintenance and cleaning of the property, dispute resolution, rental service, continuous innovation and development of a technology platform that maximizes the use of the property by all owners…

It’s time to start the vacations! Who will get to enjoy the new house first?

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