Choose your co-owners carefully
Buying a cottage condominium is a great way to fulfill your dream of owning a cottage! However, you need to carefully choose the people you want to buy with. It’s not enough to just get along, you also need to look at the situation from a financial point of view and your long-term vision. As co-owners, you are jointly responsible for paying the mortgage and all related fees. So if for some reason one of you could not pay your share of the mortgage, the other would be responsible. Therefore, make sure you invest with someone who is responsible and financially stable. You should also define your objectives. Is it a moveable investment for eventual resale, a piece of paradise to keep for the long term, or a future family legacy?Be realistic
It’s easy to dream and get carried away when shopping for a cottage. That’s why it’s important to take the time to talk with your co-owners and determine your needs. Do you want a cottage on a lake or near a mountain? Do you want to rent out your property? Where do you want your cottage to be located? How many rooms do you need? Moreover, you need to set a budget. It is important to determine together how much you want to invest and how much of a mortgage you can afford. You should also establish your working capital. This way you will have some money left to jazz up the decor, add a spa, or update some of the furniture. Of course, these decisions must be made according to your financial means. Once you have established your needs and your budget, you can move on to the next step.Sign a condominium agreement before buying a cottage
Signing a condominium agreement with a notary is very useful. It allows you to plan everything and avoid problems. It will determine what happens if one of the co-owners decides to sell their share. For example, you could set restrictions on the transfer of ownership to others. The agreement also allows for the sharing of tasks. Among other things, you should think about housekeeping, purchases related to the property (tissue paper, spare light bulbs, etc.), and the expenses and responsibilities of each person. You can even include time sharing terms. Do you want to set weekends aside for each owner, longer stays? Also, it’s best to think about a decision-making strategy before unfortunate situations arise. For example, important decisions may require a unanimous decision, while a majority vote may be sufficient for a less important decision. The important thing is to plan ahead!
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