5 Tips for Owning A Vacation Home With Family

If you were to ask ten people if owning a vacation home with family is a good idea, the majority would say no way. We all know that family dynamics can complicate just about anything, so the thought of going in on a vacation home together can be downright scary.

Owning a Vacation Home With Family

Below are five best practices you should consider if you decide to own a vacation home with your family.

1) There MUST Be Trust

Before heading into any arrangement such as this one, you must have 100% trust that everyone in the deal will act in the best interest of the group.

2) Set Expectations Upfront

Setting expectations upfront may sound simple but it is so important. First, you must sit down with all family members to ensure everyone is on the same page. What happens if the water heater breaks? Who pays for it? In our case, we also have a boat and wave runner. The boat is 20 years old, so it frequently needs work. Everyone needs to understand what occurs when these things inevitably happen.

3) Use a Shared Calendar for Scheduling

It only takes a few minutes to set up a google calendar that everyone in your family can access. I can’t tell you how helpful this has been. At any time, I can check the google calendar to see what weekends are available or already taken.

4) Have a Checklist for Arrival and Departure

A checklist is helpful for all of us and even more so in cases where we rent the place out. The arrival checklist includes items such as turning on the water, hot water heater, and ice maker. The departure checklist covers all aspects of shutting the place down plus the cleanliness standards.

5) Plan for Unexpected Expenses

We each put into our account more than necessary to plan for these expenses. Living in a condo, we won’t have as many capital expenditures, such as paying for a new roof. However, there is always something that comes up. Often it’s boat or wave runner repairs, but it could be a variety of other things as well.

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