Three Tips for Co-Owning Your Dream Cabin With Family
The experience of living the lake life of Wisconsin during the summer is unmatched! Family memories of roasting marshmallows, family game night, canoeing or boating on a hot summer day, or enjoying coffee in the stillness of the morning while listening to the call of a loon can all be a part of the fantastic experience of owning a cabin in the beautiful woods and lakes of Wisconsin.
For some, purchasing a vacation home can feel burdensome to the budget; luckily, you don’t have to do it alone! Many people pursue their lake life dream by purchasing their vacation home with family.
If you decide to pursue a co-ownership vacation home, here are some tips:
Start with a frank conversation
There is no-one-size-fits all solution for co-ownership; the key is to create something that works for your family. And the best way to start is to understand what the optimal arrangement looks like for everyone involved. Set aside some time to discuss this with involved family members and let everyone talk about their vision.
Hire an attorney
I strongly recommend hiring an attorney to help draft your contract. Doing so can help protect everyone’s assets and make sure it’s fair and legal.
Draft a detailed contract
When it comes to the actual agreement that your attorney will help with, make sure it includes things like:
- What happens if one party wants to buy the others out
- What happens if someone dies or divorces
- Schedule for using the property
- What happens if someone can no longer afford payments or their share of expenses
The more details you can include, the less chance of conflict if something unexpected arises.
If you’re looking for your own piece of heaven in the Northwoods, our team of long-term local, Northern Wisconsin real estate agents can help you find it. Contact us today!