How To Make Your Vacation Property Dreams Come True
Many of us have dreamed of the day we could have a beautiful holiday home, perched overlooking the water and awaiting our arrival each and every weekend.
While the image of this may have taken some hits over the years - with mortgage payments and other daily expenses - there are still ways to achieve this youthful goal.
A shared getaway home is the perfect solution for those who would like a great place to go when they can, but may not wish to spend all their time or money away from home.
Buying property with family or friends is becoming increasingly common. This type of agreement is usually completed as a tenants-in-common purchase, which allows two or more people to own interest in a property, either in equal or unequal shares.
The advantages of such a setup are many, including the sharing of a large financial commitment through the property price and purchasing costs.
Ongoing costs such as loan repayments, maintenance costs and property management fees would also be divided between the parties.
It is possible to set up an agreement where you would not be liable for the other person’s payments and you would be able to sell or share your half with whomever you choose.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.