Re: Sharing the Family Cabin
We don't share our current cabin, however, I did share a beachhouse with a very close personal friend. Our partnership consisted of my wife, my friend and his wife. I must admit that I had heard of nightmares concerning joint ownership, but our venture was smooth, with no problems. We discussed all issues which might arise before we purchased, and each of us gave clear input before we made group decisions. Many of these decisions were made in advance of purchase ( rental agreements for future tenents, ourselves, as well as decor decisions etc. ) We had pre agreed upon purchase options in case one of our families wanted out of the deal. We had established purchase prices, with percentage increments each year we owned the property, as well as time schedules for our visits. I know that these issues can be troublesome to say the least, but with open disclosure, and a pre determined plan, these arrangements can actually be quite smooth. Even though we no longer own this property, I look back on it as one of the best decisions I have ever made. ( We sold the property at a profit following hurricane Ivan. This profit actually paid for 1/2 of my purchase price of my little slice of heaven on Table Rock Lake!)