Reply to Would you buy/share a retirement condo with friends?

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[quote=Anonymous][quote=Anonymous]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. [/quote]

It can work, but given all the (perfectly valid) concerns you have, it’s not going to work for you with this couple. You don’t have enough trust or openness in the relationship- you don’t feel comfortable sharing financial information for example.

Just tell them that you appreciate the offer but you don’t even want to think about second/retirement homes until all of your kids are done with college. If they ask again, just give the same answer. Eventually they’ll tire of it and move on.[/quote]

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