• Client Info
  • Realtor Info
  • Seller Login
  • Contact

Boulder Property Network

Boulder Property Network

Boulder County Real Estate

  • Home
  • Search Real Estate Listings
  • Duane’s Timely Topics
  • Results Count
    • Why We Work by Referral
    • Testimonials
  • Our Team
    • Duane Duggan
    • Timmy Duggan
    • Barb Passalacqua
    • Kelsey Jensen
  • Blog & Podcasts
    • Weekly Video Podcast
    • Boulder Real Estate Blog
    • YouTube Videos
You are here: Home / Boulder Real Estate Blog / Buying a Group Vacation Home

Buying a Group Vacation Home

October 27, 2014 by The Boulder Property Network

hot-air-baloonHow-To: Buy a Group Vacation Home

It sounds like a dream; splitting the cost of a lakefront home or woodland cabin with your close friends. However, purchasing a group home can end up being more complicated, and that’s before you throw in any possible falling outs or conflicting schedules. Below are a variety of things to consider before purchasing a home with others.

1. Discuss finances first.

Can everyone afford to do this? To minimize complication, it’s best for everyone going in on the purchase to be able to put down equal funds. In addition to discussing purchase costs, go over who will pay for furnishing the home, improvements, monthly bills, taxes, etc.

It’s important to really scrutinize the financial coverage, from little things like landscaping to emergencies, like a flooded basement.

2. Write it down.

After you have a clear plan that all parties agree to, get everything in writing. This will be helpful in the future should someone forget who agreed to pay for those new energy efficient windows. It might be a good idea to bring in a lawyer to help come up with a contract everyone agrees to. A lawyer will not only help document your decisions, but also map out any additional legal concerns – like what will happen to an individual’s share of property should they pass away.

Although it may be uncomfortable, you should also talk about what will happen to a property share should someone want to sell or liquidate their assets.

3. Decide how the home will be used.

After you’ve taken care of the legal and financial issues, it’s time to talk about the fun stuff: how you will enjoy your home. Will you split up visiting dates throughout the year? Will you all visit at once, reunion style? While it might seem silly to designate days up-front, it will ease any future tension should schedules clash. Additionally, talk about what will happen to the property as your lives progress. A group of friends purchasing a home in their late 20s will surely use the property differently than a group of friends who are now in their 40s.

After you have your basics covered, celebrate with your friends and enjoy your new vacation home!

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and home ownership information that may be of help to you. Feel free to contact meany time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

It sounds like a dream; splitting the cost of a lakefront home or woodland cabin with your close friends. However, purchasing a group home can end up being more complicated, and that’s before you throw in any possible falling outs or conflicting schedules. Below are a variety of things to consider before purchasing a home with others.

Filed Under: Boulder Real Estate Blog, Real Estate Investment Information

Contact Us

  • This field is for validation purposes and should be left unchanged.

Blog Archives

Featured Listings

$389,700Just Listed!3100 Ridge RdNederland, CO 80466View Listing
$798,000For Sale!705 Club Pl.Louisville, CO 80027View Listing

See all of our listings.

Recently Sold Properties

$649,700Sold347 S. Jackson St.Nederland, CO 80466View Listing
$332,000Sold1601 Great Western i7Longmont, CO 80501View Listing
$280,000Sold3009 Madison AveBoulder, CO 80303View Listing
$863,000SOLD4634 Harwich StBoulder, CO 80301View Listing
$549,000Sold11950 Katherine AveLakewood, CO 80401View Listing
$999,000Sold2185 Floral DrBoulder, CO 80304View Listing
$1,599,000Sold6293 Red Hill RdBoulder, CO 80302View Listing
$499,700Sold2274 Spruce St Unit BBoulder, CO 80302View Listing
$865,000Sold4892 Darwin Ct.Boulder, CO 80301View Listing
$824,700Sold133 High Country TrailLafayette, CO 80026View Listing

Tweets by BoulderPropNet

Download our App

Boulder Property Network AppGet the Boulder Property Network mobile app to start your search for a new home right from your phone or other mobile device!

Download it here >>

Neighborhood News Report

How's the market? We can provide you with accurate information on the real estate market activity (Listings , Sales & more) in the area you are most interested in!

Get your Neighborhood News here >

Free Home Valuation

Free Market ReportBoulder Property Network can provide you with the information that you need to make a plan for your real estate purchase or sale.

Get your home valuation >>

Looking to Sell?

Looking to Buy?

Information for Investors

Recommended Reading for REALTORS®

REALTOR® for Life

by Duane Duggan

realtor-for-lifeWhat does it take to be a REALTOR® for life? This book provides first hand knowledge from one of the most distinguished and active careers in real estate. Duane Discusses his newly published book here.

Purchase on Amazon

© 2022 Boulder Property Network • RE/MAX of Boulder Inc.
2425 Canyon Blvd. #110, Boulder, CO 80302
800-825-7000 x611

Boulder Property Network on FacebookBoulder Property Network on TwitterDuane Duggan on LinkedinOur listings on YouTubeDownload our Listings App
Site Map

Posting....