Would you buy/share a retirement condo with friends?
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Anonymous
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Anyone done this? Successfully? Did you write a contract?- consisting of what rules and stipulations?
A couple friend of ours asked us if we would be open to buying a condo in Naples, Fla. we’ve been friends with this couple for 20 years, our kids use to hangout together when they were little. I told my DH I don’t think it’s a good idea. First, We aren’t ready since our kids are still in high school, theirs are in college. 2) I don’t like having to reveal our financials to them, 3) We would have to do construction to renovate the bedrooms to be the same size with a master bath 4) Would need to have rules about guest usage, namely our kids, 5) Will situation to name a few worries/considerations. |
Anonymous
Depends on friends but likely not. |
Anonymous
| Someone in my family did this with a beach house. They, the owners, set everything up nicely. There are 7 couples. It’s worked fantastically for over a decade. |
Anonymous
| No, Better to just rent a vacation place together now and then. You could leave a huge mess for the kids even if they get along. |
Anonymous
| Also, you don’t know what your friends could turn into down the line with say dementia. What if you want to move and the don’t and won’t buy you out? |
Anonymous
| I don’t understand if the plan is that you all live together in retirement or if this is a 2nd home that you’d share for vacations. |
Anonymous
| No |
Anonymous
| No way |
Anonymous
| Nope. I don’t even like people to stay at my beach house if I’m not there. Too many potential problems. What if they aren’t as clean as you or leave food to get moldy in the refrigerator. Breakage of stuff. Potential disagreements about who gets to use it. Differences when it comes to repairs and maintenance - especially if your budgets and income don’t align. What if they don’t close up properly and leave the water on and a pipe bursts. |
Anonymous
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Definitely not in Naples Florida.
With climate change, the cost of insurance down there is skyrocketing already. I think housing prices are going to drop precipitously in the next decade. I could not purchase anything there right now. |
Anonymous
| No. Even siblings can't handle shared vacation property. |
Anonymous
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No.
You don’t know what the future holds (for you or your kids). Attacking yourself legally and financially to “friends” is risky. (On a lesser note, between climate change and its radical politics…Florida seems risky to me too) |
Anonymous
| No. Not unless you can very easily and happily afford to buy them out. Retired people love second homes until they can no longer use them, and that change can happen in the blink of an eye. |
Anonymous
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No. You will be renovating, insuring, paying for something you use a couple of weeks a year. Then when you retire do you want to live there?
Have you spent much time there? Plus all the other reasons noted above. |
Anonymous
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Really really bad idea. You never know as you age if you will have a catastrophic accident or develop Alzheimers and then you need the cash for your care. If it is tied up in a property that is co-owned with others it isn't easy to get your money out.
My mother did this with her sister and now they can't sell the vacation condo. My mother now has dementia and her sister doesn't want to sell the place. My aunt goes there frequently with her daughter and grandchildren. So now we are stuck and are going to need the cash to pay for continued memory care. |