Quote:
Originally Posted by jrc
Most of the insurmountable problems come from money. One partner needs to get out because they can't afford it. The other partner wants to stay in but can't go it alone. This never seems to end well.
You need to cover this in advance, because no one thinks clearly when they're broke. And since this usually occurs when someone loses a job, the only real solution is to sell. So your vacation place is always at risk of your job and your co-owners job. So a lot depends on how stable your co-owner is.
If I had to do this, I'd think about buying something I could just barely afford on my own and make a cost sharing arrangement with the other people that renewed annually. Every spring the other people would have to commit for the season. If they don't have the money, you either tough it out, get someone else or sell.
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I've never had to deal with this sort of thing, but what jrc stated makes a lot of sense. If you can't buy/afford something on your own and have to rely on someone else then it's most likely not going to work.
Edit: just to clarify my position....My significant other and I decided to buy a house recently. However, if something were to ever happen and one were to loose a job the other could make it work.